Jersey Oil and Gas PLC has been awarded acreage containing more than 100 million barrels of oil equivalent (mmboe), including Buchan, and will have a 100% working interest and operate all three blocks. The blocks were awarded under the Oil & Gas Authority’s (OGA) 31st supplementary offshore licencing round.
The blocks are contiguous with Jersey Oil’s existing interest in licence P2170 (Blocks 20/5b and 21/1d), which includes the Verbier discovery.
Including P2170, Jersey Oil has an estimated more than 100 mmboe discovered mean recoverable resources, as well as an identified mean prospective resource of more than 300 mmboe.
Work is ongoing on a field development plan (FDP), subject to funding, with first oil targeted for 2024, and the company is fully funded to submit the plan.
Equinor and JOG have agreed on a 3-month option over a 50% equity interest in respect of Blocks 20/5d and 21/1a (the Buchan Blocks).
