leadf
logo-loader
viewJersey Oil and Gas PLC

Jersey Oil & Gas to lead a technical and commercial evaluation of Greater Buchan Area of the North Sea

The AIM-listed firm said it will assess whether a collaboration between the companies holding licences in the vicinity would result in a decrease in cost and an increase in value

North Sea Oil Rig
Situated 120 miles north-east of Aberdeen, the GBA is host to discovered resources “in excess” of 200mln barrels of oil equivalent

Jersey Oil & Gas PLC (LON:JOG) will lead a technical and commercial evaluation of Greater Buchan Area (GBA) of the North Sea, the oil field developer said on Monday.

In a statement, the AIM-listed firm said it will assess whether a collaboration between the companies holding licences in the vicinity would result in a decrease in cost and an increase in value.

READ: Jersey Oil & Gas picks up 70% of Verbier discovery in deal with Equinor

The Greater Buchan Area Joint Integrated Studies Agreement has been drawn up to assess whether offshore projects could benefit from a new production hub that might include electrification to maximise recoveries and reduce emissions.

Situated 120 miles north-east of Aberdeen, the GBA is host to discovered resources “in excess” of 200mln barrels of oil equivalent.

Included in the agreement are Buchan, J2 and Glenn (owned and operated by Jersey Oil & Gas), Verbier (operated by Equinor UK), Avalon (operated by Ping Petroleum UK) and Leverett (owned and operated by Zennor Resources).

Jersey’s chief executive Andrew Benitz said: "We are delighted to be progressing this important study to evaluate the technical and commercial benefits of working together with neighbouring operators to potentially develop over 200mln barrels of oil equivalent of discovered oil and gas within the wider Greater Buchan Area."

Quick facts: Jersey Oil and Gas PLC

Price: 122 GBX

LSE:JOG
Market: LSE
Market Cap: £26.63 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Jersey Oil and Gas PLC named herein, including the promotion by the Company of Jersey Oil and Gas PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Solo Oil: Analyst Malcolm Graham-Wood expects 'significant valuation uplift'...

Analyst and commentator Malcolm Graham-Wood says this week's acquisition by Solo Oil (LON:SOLO) of producing natural gas fields in the Dutch section of the North Sea 'ticks all the boxes'. ''I was really impressed by this to be honest''. ''This deal they've done really does hit every nail...

on 11/10/19

2 min read