Nice22 Jul 2019 14:07
JOG. analyst Daniel Slater at house broker Arden Partners to almost double his target price from 230p to 450p based on a risked net asset value (NAV) estimate of 537p a share, using a US$65 a barrel long-term oil price. That’s because the acreage awarded to Jersey in the licensing round includes the Buchan oil field that was discovered by BP in the mid-1970s and came onstream in 1981. Production continued until May 2017, when the Buchan Alpha platform was no longer compliant with the current Safety Case, by which point a total of 148m barrels had been produced.