Greater Buchan Area (GBA) Development Contractor Appointments
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce the award of contracts to Rockflow Resources Ltd ("Rockflow") and Petrofac Facilities Management Limited ("Petrofac").
Accordingly, Rockflow will provide subsurface evaluation support and Petrofac will provide facilities and well support for the concept selection phase of the GBA development project.
JOG has developed a close working relationship with both Rockflow and Petrofac during the last two years and both companies were instrumental in supporting JOG in its successful application in the UKCS 31st Supplementary Offshore Licensing Round that resulted in the award of the GBA development opportunity.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"I am delighted to announce the award of contracts to both Rockflow and Petrofac. We look forward to building on our valued relationship with both companies as we progress through the critical concept selection phases of the Greater Buchan Area development project".
Jersey Oil and Gas plc
Andrew Benitz, CEO
Tel: 020 3757 4983
Strand Hanson Limited
Tel: 020 7409 3494
Arden Partners plc
Tel: 020 7614 5900
BMO Capital Markets Limited
Tel: 020 7236 1010
Tel: 020 3757 4983
Notes to Editors:
Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area, which includes Operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 and Glenn oil discoveries, as well as an 18% working interest in the P2170 licence, Blocks 20/5b & 21/1d, operated by Equinor UK Limited ("Equinor") that contains the Verbier oil discovery. In July 2019, the Company granted Equinor a three month option over a 50% equity interest in respect of Blocks 20/5a and 21/1a (the "Buchan Blocks"), which contain the Buchan oil field and J2 oil discovery. Should the option be exercised, Equinor will reimburse JOG for its 50% share of costs in relation to the licence applications.
JOG's acreage is estimated to contain more than 120 million barrels of oil equivalent ("mmboe") of discovered mean recoverable resources net to JOG, in addition to significant exploration upside potential. JOG is currently progressing the appraise and select phases of a Field Development Plan ("FDP") for the Greater Buchan Area, with first oil, subject to funding, targeted for 2024.
JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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Andrew Benitz of Jersey Oil & Gas PLC (LON:JOG) says pre-funding the seismic being shot over the Verbier acreage in North Sea allows the data to be optimised and is cheaper.
Capex for the appraisal programme will be at the upper end of £9-11mln including seismic.