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Jersey Oil & Gas has a clear pathway to monetise its resource base in the North Sea

Last updated: 07:52 26 Feb 2024 GMT, First published: 16:02 27 Sep 2023 BST

Snapshot

  • Jersey Oil & Gas gets cash boost as Serica deal completes
  • Jersey Oil and Gas' GBA deal: A short analysis
North Sea

About the company

Jersey Oil and Gas PLC is a UK E&P company focused on building an upstream oil and gas business in the North Sea.

The company holds a 50% interest in each of licences P2498 and P2170 in the UK Central North Sea referred to as the "Greater Buchan Area". 

Licence P2498 contains the Buchan oil field and J2 oil discovery and licence P2170 contains the Verbier oil discovery.

How it is doing

26 Feb 2024

Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF) has confirmed the completion of its farm-out transaction with Serica Energy, resulting in the transfer of a 30% interest in the GBA project.

Serica has now paid a further $7.5 million upon completion, on top of the initial deal proceeds. Some $18 million of a possible $38 million in proceeds have so far been received by Jersey, with the remainder tied to future project milestones.

Jersey retains 20% of GBA, and its remaining share of project costs will now be “fully carried” by Serica as the project is advanced through development into production.

First production is anticipated by the fourth quarter of 2026.

29 Jan 2024

Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF) chief executive Andrew Benitz has described 2023 as a “watershed year” for the North Sea, as progress with the Greater Buchan Area project has seen the company’s “value and investment proposition transformed".

In the year, Jersey successfully executed farm-outs in the Greater Buchan Area (GBA), securing partners to drive the funding of field development.

23 Nov 2023

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.

What the brokers say

24 Nov 2023

Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF) (JOG) has struck deals that give it a free carry of 20% on a North Sea project slated to have peak production of 35,000 barrels of oil a day - and is scheduled to get underway in late 2026.

Here, we get under the skin of the deal, look at its nuts and bolts and garner City opinion - looking at it from both sides of the transaction.

The top line: In return for handing over an 80% stake in the Greater Buchan Area (GBA), JOG pays nothing towards the £850 million to £900 million capital investment required to get the operation up and running.

Jersey Oil and Gas unveils strategic advances and major acquisition for...

Andrew Benitz, CEO of Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF), highlighted key developments and strategic achievements of the company at the Proactive One2One Investor Forum. Underlining the significant progress in the Greater Buchan Area, Benitz showcased the acquisition of an FPSO...

on 14/2/24