Jersey Oil & Gas PLC - Jersey-based oil and gas company focused on the North Sea - Updates on the Greater Buchan Area farm-out process, revealing it is in "advanced" exclusive discussions with an unnamed "significant" UK North Sea operator. Says head of terms have been agreed for the farm-out of a material interest in the GBA licenses to the operator, and the parties are working towards a finalised fully-termed agreement "in the near future". They have agreed to an exclusivity period until the end of April.
"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," says Chief Executive Officer Andrew Benitz.
Current stock price: 236.90 pence each, up 55% on Friday in London
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By Sophie Rose, Alliance News reporter
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Jersey Oil & Gas plc (JOG)