Jersey Oil & Gas in farm-out with Statoil (UK) on licence P.2170
Jersey Oil & Gas has, alongside its co-venturer CIECO Exploration and Production (UK) Ltd, entered into a sale and purchase agreement for the farm-out of a 70% working interest in UK Seaward Licence P.2170, Blocks 20/5b and 21/1d, to Statoil (UK) Ltd.
FTSE AIM All-Share
729.29
16:50 13/11/24
Jersey Oil and Gas
67.00p
16:55 13/11/24
Oil & Gas Producers
7,869.46
17:14 13/11/24
Statoil
kr660,020.00
19:00 21/12/20
Jersey holds, via wholly owned subsidiary Trap Oil Ltd, a 60% interest in the P.2170 Licence with CIECO holding the remaining 40% interest.
On completion, Statoil would hold 70% as operator. jersey would retain an 18% interest via Trap Oil, of which 10% would continue to be carried by CIECO pursuant to the pre-existing arrangements between the parties. CIECO would retain a 12% interest.
Jersey is an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea.