(Alliance News) - Jersey Oil & Gas PLC on Wednesday said it has decided to end two licences after a technical and economic evaluation.
The company, an explorer with assets in the UK North Sea, said it fulfilled the phase A commitments for the Zermatt and Glenn licences, but will not progress to the next stage. The decision was made after taking into account JOG's "higher ranked, drill-ready portfolio of opportunities" and Glenn's sub-commercial status.
Neither of the two licences were planned to be included in the core Greater Buchan Area development project.
"JOG's management has taken the pragmatic and cost-effective decision not to proceed with firm well commitments for the non-core Glenn and Zermatt licences in the context of efficient and targeted capital allocation," Chief Executive Andrew Benitz said.
Shares were down 5.8% to 114.42 pence in London on Wednesday morning.
By Ivan Edwards; ivanedwards@alliancenews.com
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Jersey Oil&gas (JOG)