AIM_listed Jersey Oil & Gas, an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, has announced that, further to the press release issued on 23 November 2023, the Company has now completed its farm-out of a 30% interest in the Greater Buchan Area ('GBA') licences to Serica Energy and received the associated milestone cash payment of $6.8 million.
The GBA comprises licences P2498 ('Buchan') and P2170 ('Verbier'), with the joint venture partnership now consisting of NEO Energy (50% interest, Operator), Serica Energy (30% interest) and JOG (20% interest).
In aggregate the GBA farm-out transactions provide JOG with up to $38 million in cash payments ($18 million of which has now been received) and a full carry on both pre-sanction costs and capital expenditure in the approved Buchan Field Development Plan.
Click here for Serica Energy announcement
Source: Jersey Oil & Gas
