Jersey Oil & Gas in farm-out with Statoil (UK) on licence P.2170

(ShareCast News) - Jersey Oil & Gas has, alongside its co-venturer CIECO Exploration and Production (UK) Ltd, entered into a sale and purchase agreement for the farm-out of a 70% working interest in UK Seaward Licence P.2170, Blocks 20/5b and 21/1d, to Statoil (UK) Ltd.Jersey holds, via wholly owned subsidiary Trap Oil Ltd, a 60% interest in the P.2170 Licence with CIECO holding the remaining 40% interest.On completion, Statoil would hold 70% as operator. jersey would retain an 18% interest via Trap Oil, of which 10% would continue to be carried by CIECO pursuant to the pre-existing arrangements between the parties. CIECO would retain a 12% interest.Jersey is an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea.