Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf (“UKCS”) region of the North Sea, is pleased to announce that it has been awarded, subject to documentation.
A 100% working interest in, and operatorship of, part-block 20/5e in the Oil & Gas Authority’s (“OGA’s”) 32nd Offshore Licensing Round. Part-block 20/5e is located within JOG’s existing Greater Buchan Area (“GBA”) development acreage and contains an extension of the J2 (well 20/05a-10Y) oil discovery.
JOG understands that this part-block will be incorporated within Licence P2498 (Blocks 20/5a & 21/1a) awarded to JOG in the OGA’s 31st Offshore Supplementary Licensing Round, which contains the Buchan oil field and the J2 oil discovery and forms the basis of JOG’s proposed GBA development plans.
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
“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 .”
Notes to Editors :
Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company holds a significant acreage position within the Central North Sea referred to as the Greater Buchan Area, which includes operatorship and 100% working interests in blocks that contain the Buchan oil field and J2 and Glenn oil discoveries and an 88% working interest in the P2170 Licence, Blocks 20/5b & 21/1d, that contains the Verbier oil discovery.
JOG’s acreage is estimated by management to contain more than 140 million barrels of oil equivalent (“boe”) of discovered mean recoverable resources net to JOG, in addition to significant exploration upside potential. JOG is currently progressing the concept select phase of an FDP for the Greater Buchan Area.
JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.
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