(Alliance News) - Jersey Oil & Gas PLC completed its acquisition on Wednesday of Cieco V&C from Japanese companies Itochu Corp and Japan Oil, Gas & Metals National Corp.
The acquisition is subject to the completion of a GBP150,000 payment, two further payments based on the UK's Oil & Gas Authority's consent for a Field Development Plan and the potential future development of oil volumes from the Upper Jurassic Burns Sandstone reservoir.
"I am pleased to announce the completion of our acquisition of CIECO V&C, which adds the final component part of the Greater Buchan Area to our existing portfolio," said Chief Executive Andrew Benitz.
"This is an important acquisition for our recently launched farm-out process in respect of our Greater Buchan Area development project and increases Jersey Oil & Gas's discovered resources."
Shares in Jersey Oil & Gas were up 1.2% at 168.02 pence in London on Wednesday afternoon.
By Will Paige; willpaige@alliancenews.com
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Jersey Oil&gas (JOG)