News listings

energy-pedia general news

United Kingdom flagUnited Kingdom

Europe / Caspian / CIS >>> United Kingdom

UK: Jersey Oil and Gas announces interim results


29 Sep 2020

Photo - see caption

AIM-listed Jersey Oil & Gas, an independent upstream oil and gas company ‎focused on the UK Continental Shelf ('UKCS') region of the North Sea, has announced its interim results for the six months ended 30 June 2020.

Highlights:

  • Significant progress made in respect of the Concept Select work for the Company's flagship Greater Buchan Area ('GBA') development project
    • Preferred development concept selected
    • New production facility planned at the Buchan field location
    • Proposed platform will be designed to accommodate fluids from neighbouring field developments via subsea tie-backs
    • Export of potential future oil and gas production will be via subsea pipeline to existing neighbouring infrastructure
  • Enhanced subsurface understanding
    • P50 technically recoverable 2C resources of more than 138 million stock tank barrels ('MMstb')
    • P50 prospective resources of over 200 MMstb
    • Buchan oil field dynamically modelled and history-matched to 36 years of production data
    • Volumes assessed using latest Petroleum Geo-Services ('PGS') 3D seismic data
  • Significant exploration portfolio
    • 4 drill-ready exploration prospects with combined P50 prospective resources of 196 MMstb, in close proximity to the planned Buchan hub
  • Consolidating ownership within the GBA, acquired additional 70% working interest and operatorship in Licence P2170 increasing both our discovered and prospective resources
  • Strong cash position of approx. £8.9m at period end, c. £1m ahead due to cost discipline

Post Period End:

  • In early September 2020, the Company was awarded, subject to documentation, a 100% working interest in, and operatorship of, part-block 20/5e, located within JOG's existing GBA development acreage which contains an extension of the J2 oil discovery

Outlook:

  • Finalisation of the development plan for the GBA
  • A comprehensive update on the exciting near field exploration potential of the GBA, demonstrating the upside potential to the development project
  • Progress on area collaboration with regional operators for both production volumes and power solutions
  • JOG now a signatory of the United Nations Global Compact - publication of JOG's maiden Sustainability report
  • Launch of the planned GBA funding/farm-out sales process anticipated in Q1 2021

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

'The Greater Buchan Area is a multi-faceted project and it is exciting to see the results of the hard work of our project team now coming together. Work is ongoing to finalise the development plan of our core project, with optimisation work on production phasing and on decisions regarding area collaboration, both for production volumes and power solutions.

'I would like to express my thanks to all our team and everyone involved in our Greater Buchan Area project, who have worked seamlessly throughout the COVID-19 pandemic to ensure ongoing progress. Furthermore, I am grateful, as ever, for the continued support of our shareholders for whom we hope to deliver significant further value as the GBA project progresses towards first production.'

Original article link

Source: Jersey Oil & Gas





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 363

Completed Deals

Completed Upstream Deals: 5791

Company Profiles

Current Company Profiles: 2737

Corporate Activity

Current Corporate Activity articles: 3541

Companies Looking

Current number of articles: 442

Company Sales

Current Company Sales articles:1438

Geostudies

Current Geostudies articles: 754

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Geoespace
OPC
energy365
Rose & Assocs 149
Government of South Australia
SLR Consulting logo
Union Jack Oil 149
KL Publishing
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com