North Sea oil block wins boost Jersey shares 155%

Shares of Jersey Oil & Gas (JOG) soared 155% on Monday after it said it was awarded 100% working interests and operatorship of three North Sea blocks in the Oil & Gas Authority’s 31st Supplementary Offshore Licensing Round.

JOG called the awards “by far the most significant event for JOG since its inception” and said the blocks “awarded significant acreage containing over 100 million barrels of discovered oil, including the Buchan oil field …”

Jersey Oil & Gas CEO Andrew Benitz said: “We are delighted to announce this transformational event.

“Prior to these awards, JOG’s net share of discovered resources in Verbier were estimated at 4.5 mmboe. 

“Today’s awards add an estimated 105 mmboe of discovered resources net to JOG, in addition to a material uplift in new prospective resources.

“This represents a highly significant value enhancing milestone for our shareholders comprising 100% equity interests and operatorship of key development ready assets with the potential to create a major new area hub within the Greater Buchan Area. 

“These awards are the kind of value creating opportunities available to nimble independent companies operating in the North Sea today and stem from an intensive two-year work effort behind the scenes by JOG to prepare today’s winning applications. 

“By way of low-risk accumulation of discovered resource volumes, this is by far the most significant event for JOG since its inception and we are excited to start work on this new project immediately.

“We are also pleased to enter into an option agreement with Equinor, which serves to demonstrate JOG’s efforts to successfully collaborate and continue to strengthen our working relationship with Equinor as Operator of Licence P2170.”