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Jersey Oil and Gas formally awarded Greater Buchan acreage

It 'leapfrogs' the North Sea firm into being an oil and gas field developer, chief executive Andrew Benitz highlights.

Jersey Oil and Gas PLC - Jersey Oil and Gas formally awarded Greater Buchan acreage
The acreage comes with 120mln barrels of crude resources to develop

Jersey Oil and Gas PLC (LON:JOG) confirmed it has landed new acreage from the UK government’s 31st supplementary offshore licensing round.

The North Sea explorer, in a statement, told investors that following the completion of paperwork it has now been awarded formally awarded the Greater Buchan Area (GBA) which comprises three licences – referred to by JOG as Zermatt, Buchan, and Glenn.

READ: Jersey Oil and Gas enjoys 100% North Sea licensing success

It highlighted that the Buchan licence (govt reference: Licence P2498) contains the Buchan field and the J2 oil discovery.

“These awards have leapfrogged JOG from being an exploration focused business into an operator of a major new area hub development project, with estimated discovered mean recoverable resources net to JOG of in excess of 120mln barrels of oil equivalent, together with significant upside potential to tie in further resources within the GBA,” said Andrew Benitz, Jersey chief executive.

“This represents a very exciting new chapter for JOG and we look forward to working with all our stakeholders as we progress the field development plan (FDP) for this transformational project."

Quick facts: Jersey Oil and Gas PLC

Price: 137.5 GBX

Market: LSE
Market Cap: £30.02 m

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