Herald/Scotland24 Aug 2019 10:39
NORTH Sea minnow Jersey Oil & Gas has seen its shares surge around 15 per cent after the company was awarded acreage containing a significant undeveloped discovery.
The company applied successfully for a licence covering the 14 million barrel Glenn find in a development that could have significant ramifications.
Glenn lies in the Greater Buchan area (GBA) in the Moray Firth. This is a focus of official efforts to maximise recovery of the North Sea’s reserves.
The Oil and Gas Authority launched a supplementary licensing round covering Greater Buchan in October.
The regulator said then there was much to play for in the area, which contained significant potential recoverable resources. It highlighted the potential to develop finds that had been left idle and to make fresh discoveries in the area.
Led by chief executive Andrew Benitz, Jersey has shown itself to be a big believer in the potential of Greater Buchan.