Jersey Oil and Gas PLC GBA Development Contractor Appointments (9052O)
07 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMJOG
RNS Number : 9052O
Jersey Oil and Gas PLC
07 October 2019
7 October 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area (GBA) Development Contractor
Appointments
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 the award of contracts to
Rockflow Resources Ltd ("Rockflow") and Petrofac Facilities
Management Limited ("Petrofac").
Accordingly, Rockflow will provide subsurface evaluation support
and Petrofac will provide facilities and well support for the
concept selection phase of the GBA development project.
JOG has developed a close working relationship with both
Rockflow and Petrofac during the last two years and both companies
were instrumental in supporting JOG in its successful application
in the UKCS 31st Supplementary Offshore Licensing Round that
resulted in the award of the GBA development opportunity.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"I am delighted to announce the award of contracts to both
Rockflow and Petrofac. We look forward to building on our valued
relationship with both companies as we progress through the
critical concept selection phases of the Greater Buchan Area
development project".
Enquiries:
Jersey Oil and Gas plc Andrew Benitz, CEO C/o Camarco:
Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614 5900
Benjamin Cryer
BMO Capital Markets Limited Jeremy Low Tel: 020 7236 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
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, as well as an 18% working
interest in the P2170 licence, Blocks 20/5b & 21/1d, operated
by Equinor UK Limited ("Equinor") that contains the Verbier oil
discovery. In July 2019, the Company granted Equinor a three month
option over a 50% equity interest in respect of Blocks 20/5a and
21/1a (the "Buchan Blocks"), which contain the Buchan oil field and
J2 oil discovery. Should the option be exercised, Equinor will
reimburse JOG for its 50% share of costs in relation to the licence
applications.
JOG's acreage is estimated to contain more than 120 million
barrels of oil equivalent ("mmboe") of discovered mean recoverable
resources net to JOG, in addition to significant exploration upside
potential. JOG is currently progressing the appraise and select
phases of a Field Development Plan ("FDP") for the Greater Buchan
Area, with first oil, subject to funding, targeted for 2024.
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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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