03:00 Tue 08 Oct 2019
Jersey Oil & Gas PLC - Option Agreement with Equinor UK Limited
8 October 2019
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Option Agreement with
The Buchan oil field is a significant redevelopment opportunity, having ceased production prematurely due to safety concerns with its aging production facilities which were removed by the previous operator. A wealth of subsurface data exists on the field, with two major independent studies concluding that the field has remaining mean case recoverable volumes of approximately 80 million barrels of oil equivalent ("mmboe"). Buchan has historically produced almost entirely through only natural depletion and the deployment of modern technologies and practices are expected by JOG's management to enable the field to produce for potentially in excess of a further twenty years.
Buchan will form the hub for JOG's Greater
Equinor will continue its efforts to mature and assess the opportunities in the adjacent Equinor operated P.2170 (Verbier) licence, working closely with JOG as part of the overall Greater Buchan Area Plan to maximise economic recovery in the area.
JOG will remain as 100% licence holder and operator of blocks 20/5a and 21/1a and has now commenced the concept appraisal and selection phase activities of the GBA development.
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"We have initiated the Appraise and Select phases of our Field Development Plan. As we progress to define and select the best development concept, we will consider farm-outs for value to industry partners prior to submitting FDP in 2022."
Enquiries:
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C/o Camarco: Tel: 020 3757 4983 |
Strand |
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Tel: 020 7409 3494 |
Arden Partners plc |
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Tel: 020 7614 5900 |
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Tel: 020 7236 1010 |
Camarco |
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Tel: 020 3757 4983 |
Notes to Editors:
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
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
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