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Jersey Oil and Gas PLC

Jersey Oil & Gas to receive final settlement from Total

"We are pleased to have reached agreement on this legacy issue," said chief executive Andrew Benitz.

oil and gas operations
Jersey shares were up 5% following the news

Jersey Oil & Gas PLC (LON:JOG) told investors that it has agreed to a full and final settlement payment from Total after a farm-in partnership termination in 2013.

It will receive £750,000 from the French oil giant's UK E&P arm.

READ: Jersey Oil and Gas looks forward to Verbier re-evaluation

The settlement is the result of the termination of a farm-in partnership for licence P2032.

"We are pleased to have reached agreement on this legacy issue regarding the farm-out of our former interest in Licence P2032, which was relinquished in 2015,"  said Andrew Benitz, Jersey O&G's  chief executive.

In afternoon trading, Jersey O&G shares were up 5.2% at 73.11p.

Quick facts: Jersey Oil and Gas PLC

Price: £1.80

Market: LSE
Market Cap: £39.2 m
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