Jersey Oil & Gas says independent report supports case to develop assets in Greater Buchan Area
Source - SMW
Upstream oil and gas company Jersey Oil & Gas said an independent report estimated that the company‘s assets in the Greater Buchan Area had oil resources volumes of 94.7m stock tank barrels.
The assets included the previously produced Buchan Devonian oil field, the J2 and Buchan Andrew oil discoveries and the Capri prospect.
These assets together with the company's 18% share of the Verbier discovery, took the total volume to nearly 100MMstb, and provided a contingent resource valuation of nearly US$1bn, the company said.
'This independent valuation supports the significant value proposition for developing the base case discovered volumes that JOG owns within its core Greater Buchan Area assets,' the company said.
At 8:54am: (LON:JOG) Jersey Oil And Gas Plc share price was -29p at 196p