Jersey Oil & Gas (JOG) has completed the transaction to acquire operatorship of and a 70% working interest in Licence P2170 (Blocks 20/5b and 21/1d) from Equinor UK, as announced on 27 January 2020.
The consideration for the acquisition consists of two milestone payments and a royalty based on volumes produced from the Verbier Upper Jurassic reservoir oil discovery.
The acquisition provides JOG with an opportunity to create significant value through potentially developing the Verbier discovery as part of the Greater Buchan Area (GBA) hub. Licence P2170 also benefits from multiple material exploration prospects that have high value potential through tie-backs to the proposed new GBA hub.