Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF) kicked off Thursday’s trading session by adding 32% to its share price.
The group struck a chord with investors after agreeing to farm out a 30% interest in the Greater Buchan Area (GBA) licences to Serica Energy, securing a fully funded 20% stake and advancing the Buchan field's redevelopment.
"The transaction provides JOG with multiple cash payments, but most importantly, a fully funded 20% working interest in the Buchan redevelopment project, transforming the company and providing us with the springboard from which to realise long-term shareholder value," said chief executive Andrew Benitz.
Shares were swapping for 258.9p at the time of writing.