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Jersey Oil and Gas expands Greater Buchan project area via UK licensing round

Adding the new acreage helps advance the Greater Buchan Area project closer to development

Jersey Oil and Gas PLC - Jersey Oil and Gas expands Greater Buchan project area via UK licensing round

Jersey Oil and Gas PLC (LON:JOG) has expanded its position in the North Sea, securing an area that will become part of the Greater Buchan Area (GBA) development project.

The company announced it has been awarded a 100% interest and operatorship of, part-block 20/5e. It noted that the acreage contains an extension of the oil discovery of the J2 well.

READ: JOG completes deal to take all of Verbier discovery

JOG said it understands that the part-block will be incorporated within the area that contains the Buchan oil field and the J2 oil discovery. It forms the basis of the company’s proposed GBA development plans.

"I am pleased that JOG has been awarded part-block 20/5e, which represents a further step towards delivering on our strategy of progressing the proposed future development of the Greater Buchan Area," Andrew Benitz, Jersey Oil & Gas chief executive said in a statement.

JOG owns 100% of the Buchan oil field and the J2 oil discovery, which along with the adjacent Verbier discovery comprise the Greater Buchan Area (GBA). 

A CPR by contractor Rockflow previously estimated the recoverable resources in The Greater Buchan Area at 94.7mln barrels, including the parts within P2170. That estimate valued Jersey’s ‘mid-case’ contingent resources at some £791mln.

Quick facts: Jersey Oil and Gas PLC

Price: 115.6337 GBX

LSE:JOG
Market: LSE
Market Cap: £25.24 m
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