Jersey Oil & Gas in advanced talks over Greater Buchan farm-out By Proactive Investors

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Jersey Oil & Gas in advanced talks over Greater Buchan farm-out

Published Mar 31, 2023 07:36

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Jersey Oil & Gas in advanced talks over Greater Buchan farm-out

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Proactive Investors - 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.

The potential partner is described as a “well-funded industry heavyweight”, which plans to take a material interest in the licence area, which is 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 April 30.

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.”

Jersey is an upstream oil and gas company with assets in the North Sea.

Read more on Proactive Investors UK

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