Jersey Oil and Gas PLC (AIM:JOG) said it remains actively engaged with multiple counterparties over a potential farm-out deal for the Greater Buchan Area project, as it announced a number of boardroom changes.
Former Ithaca Energy chief executive (and current Jersey non-executive director) Les Thomas has become the company’s new chairman, replacing Marcus Stanton who will remain with the company as non-executive director.
Graham Forbes, formerly Ithaca chief financial officer, has joined the company as the new Jersey chief financial officer and Richard Smith, another former Ithaca executive, has joined the Jersey management team as its new chief commercial officer.
All three new appointments were made with immediate effect.
Ron Lansdell and Vicary Gibb, meanwhile, leave the company and their respective roles of chief operating officer and chief financial officer.
Jersey, in a statement, said the company is at a pivotal stage in the growth of its business and the new appointments mark "the next important phase" in its development and "the delivery of key strategic ambitions".
Chief executive Andrew Benitz said: “Les, Graham and Richard were instrumental in leading Ithaca Energy from being a small-cap E&P business into one of the largest independent UK North Sea oil and gas producers.
“I am delighted that we have been able to attract a team with such a successful track record and I very much look forward to working with them.
"Our GBA farm-out process continues and we are actively engaged with multiple counterparties. The macro-environment has markedly improved since we began initial industry engagement and the scale and quality of the GBA asset base makes it an exciting growth opportunity."
Marcus Stanton, meanwhile, added: "I am delighted to welcome Les as the new chair of JOG and he has already brought a wealth of valuable expertise to the board. I am also very pleased to welcome Graham and Richard to the executive team of the company.
“Together, they have the hands-on experience and track record of leading large project developments and creating significant shareholder value, and possess the necessary expertise to successfully complete our GBA farm-out process and accelerate JOG's growth plans.”
Update on GBA talks
Jersey told investors it remains actively engaged with multiple counterparties and talks are taking place around the company’s "preferred development concept" as well as alternative concepts using existing third-party infrastructure.
It also noted that major infrastructure operators have sent expressions of interest for funding the proposed electrification of the GBA development and the potential regional collaboration opportunities.
Jersey added that it is advancing regional electrification collaboration efforts with various industry parties in the Outer Moray Firth.
Additionally, talks are taking place with the owners of other oil discoveries in the vicinity of GBA and those talks have been accelerated to explore potential joint development programmes.