Fossil Energy – Farm-Out
Jersey Oil and Gas PLC has announced it is in advanced exclusive negotiations with a significant UK North Sea operator to conclude a farm-out deal for Greater Buchan Area.
Jersey is an upstream oil and gas company with assets in the North Sea.
The potential partner is described as a ‘well-funded industry heavyweight’, which plans to take a material interest in the licence area, located 120 miles northeast of Aberdeen.
Full terms are expected to be finalised in the near future, though the two have an exclusivity period that runs to 30 April 2023.
Jersey Oil & Gas chief executive Andrew Benitz said: “We are pleased to be in advanced exclusive negotiations with a well-funded industry heavyweight and whilst there can be no guarantees of a successful conclusion, we are aiming to finalise the farm-out in the near future and look forward to updating shareholders shortly.”
