(Alliance News) - Shares in Jersey Oil & Gas PLC rose on Friday after being awarded full ownership and operatorship of an additional block within n the Oil & Gas Authority's 31st supplementary offshore licensing round.
Shares in the oil & gas firm were 19% higher at 212.01 pence on Friday.
The block in question is block 21/2a within the UK Continental Shelf region of the North Sea, which contains the Glenn oil discovery that is estimated to add 14 million barrels of oil equivalent in discovered mean recoverable resources.
The licence in respect of Block 21/2a comprises a two-year initial term with certain firm work obligations, principally comprising geotechnical studies, with a drill or drop well obligation at the end of the term.
"We are delighted to announce this further licence award within the Greater Buchan Area. This additional acreage completes a 100 per cent. success rate of awards across all of the acreage we applied for in the 31st supplementary offshore licensing round," said Chief Executive Officer Andrew Benitz.
"The Glenn oil discovery contained therein adds additional discovered resources net to JOG as well as operatorship of another discovered resource in the area of our Buchan-centred development hub plans for the GBA," Benitz added.
Jersey Oil&gas (JOG)