Jersey Oil and Gas PLC Greater Buchan Area Integrated Studies Agreement (1773G)
16 Marzo 2020 - 8:00AM
UK Regulatory
TIDMJOG
RNS Number : 1773G
Jersey Oil and Gas PLC
16 March 2020
16 March 2020
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area Joint Integrated Studies Agreement
Jersey Oil & Gas plc (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 it has established and
will lead the Greater Buchan Area Joint Integrated Studies
Agreement (the "Agreement") between neighbouring field operators,
to undertake and complete technical and commercial evaluation
studies for a collaborative development of the wider Greater Buchan
Area, which contains discovered oil and gas resources in excess of
200 million barrels of oil equivalent ("boe").
A key objective of the studies under the Agreement is to
establish whether a collaborative development would lead to a
reduction in development costs and an increase in value for all
participants in a new production hub in the area, potentially
including electrification in line with the Oil & Gas
Authority's ("OGA") Maximising Economic Recovery ("MER") strategy
for the UKCS and reducing CO(2) emissions.
Fields, Discoveries and Participants Involved
-- Buchan, J2 and Glenn - operated by Jersey Oil & Gas (100%);
-- Verbier - operated by Equinor UK Limited (70%) (pending
completion of the Company's acquisition announced on 27 January
2020) alongside its partners Jersey Petroleum Limited (18%) and
CIECO Exploration and Production Limited (12%);
-- Avalon - operated by Ping Petroleum UK Limited (50%)
alongside its partner Summit Exploration and Production Limited
(50%); and
-- Leverett - operated by Zennor Resources (N.I.) Limited (100%).
A map of the licenses and operators who will form part of the
study can be viewed here:
https://www.jerseyoilandgas.com/wp-content/uploads/2020/03/jisa-map.png
Andrew Benitz, CEO of Jersey Oil and Gas, commented :
"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 200 million
boe of discovered oil and gas within the wider Greater Buchan
Area."
Scott Robertson, Director of Operations at the OGA said :
"I am delighted with this collaboration agreement in the Greater
Buchan Area, particularly given collaboration was a key component
of the OGA's vision for the Greater Buchan Area through the 31st
Supplementary Licensing Round award in 2019. Oil and gas will
remain an important part of the UK's energy mix for the foreseeable
future as we transition to net zero. The OGA is encouraged by the
collaborative and energy efficient example Jersey Oil & Gas is
setting."
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
Qualified Person's Statement :
The information contained in this announcement has been reviewed
and approved by Ronald Lansdell, Chief Operating Officer of Jersey
Oil & Gas, a qualified Geologist and Fellow of the Geological
Society, who has over 40 years' relevant experience within the
sector.
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, following the
acquisition of an additional 70% working interest announced in late
January 2020 will, subject to completion, also assume operatorship
of and hold 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 boe 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.
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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