Jersey Oil & Gas is leading development of the Greater Buchan Area in North Sea

Jersey Oil and Gas is an oil and gas company focused on upstream operations in the UK North Sea.

The company is leading a major new development within the heart of the Central North Sea, within the Greater Buchan Area that benefits from an estimated 172mln barrels of discovered and recoverable oil volumes that are located within the Buchan oil field, Verbier and J2 oil discoveries, together with additional significant exploration upside potential across the acreage.

This exploration upside includes 4 drill-ready prospects with combined prospective resources of 230mln barrels.

How it is doing - 18 Aug 2021

Jersey Oil and Gas PLC told investors that it will not proceed into the next phase of the Zermatt (P2497) and Glenn (P2499) licences in the North Sea, and accordingly the licences will cease on 29 August.

The company, in a statement, noted that entering the next phase would have committed it to drill a well on each licence.

It added that neither Zermatt nor Glenn feature in the planned Greater Buchan Area (GBA) development project concept, announced in March, which sees the company build up a production hub over three phases.

Moreover, JOG noted that the discoveries in Zermatt were seen as sub-commercial, meanwhile the highest ranked exploration prospects in the Glenn area are behind drill-ready targets in the Verbier licence area (which is included in GBA).

02 Jun 2021

Jersey Oil and Gas PLC said it submitted a concept selection report to the UK Oil and Gas Authority, marking a significant milestone in delivering maximum value from the Greater Buchan Area (GBA) development project in the North Sea.

GBA is planned as a ‘net-zero’ solution – with emissions estimated to be less than 1kg of CO2 per barrel of oil equivalent of production, which is substantially below the North Sea average of 22kg per barrel.

06 May 2021

Jersey Oil and Gas PLC said it is delivering on its growth strategy with the Greater Buchan Area project in the North Sea.

The company, in its results statement for 2020, highlighted that during the year it successfully aggregated its portfolio of discovered resources into GBA, along with what it described as significant exploration upside.

What the brokers say - 02 Jun 2021

WH Ireland sees huge upside to the Jersey Oil and Gas PLC (LON:JOG) share price as the stockbroker looks to a possible farm-out deal that will propel forward the Greater Buchan Area (GBA) oil field project in the North Sea.

In a note WH Ireland, which acts as broker to Jersey, said it believes the company is progressing the GBA project apace towards first oil by late 2025.

At the same time, WH Ireland repeats an estimate of fair value pitched at 622p – versus a prevailing price of 152p in London.

What management says - 04 Mar 2021

Jersey Oil and Gas PLC's Andrew Benitz joins Proactive London's Katie Pilbeam to discuss the future of their Greater Buchan Area project, in the North Sea. He explains to our Proactive audience their plans to launch a farm-out process, which he expect to be highly attractive to a wide range of oil companies in light of the project's scale, economics and low carbon potential.

Benitz highlights the potential for 172mln barrels of oil resources to be developed from a fully electrified platform.

Read the latest issue of the OGV Energy magazine HERE.