Jersey Oil and Gas PLC (AIM:JOG, FRA:TPC1) chief executive Andrew Benitz described the first half of 2021 as “busy” as the UK exploration and production company continued to advance the Greater Buchan Area project in the North Sea.
During the period, there was a material increase in resource estimates for the project rising to 126mln barrels of technically recoverable resources for the Buchan field specifically, and, 172mln barrels for the greater area.
A concept selection report was completed and submitted to the UK authorities and Jersey raised GBP16.6mln in an oversubscribed share placing. Also in the period, the company launched a farm-out process to secure an industry partner and project funding.
Looking ahead, Jersey highlighted that the process is ongoing and it is engaged in ongoing talks with interested parties.
“The first half of 2021 has been a busy period for JOG,” Andrew Benitz said.
“Extensive reservoir modelling was completed leading to a significant increase in management’s estimates of the GBA’s resources and the delivery to the OGA of the GBA Concept Select Report, which includes our preference for a fully electrified platform.”
“The OGA’s approval of the appointment of JOG as OSD Installation Operator represents a significant endorsement of our capabilities and competencies to deliver GBA facilities of the highest technical integrity that will be both safe to operate and environmentally sound.”
Benitz added: “Our GBA farm-out process was launched and is ongoing, with active engagement with both industry parties and infrastructure funders, the latter having expressed funding interest particularly with respect to electrification of the development and the potential regional collaboration opportunities that exist.
“We also launched our Carbon Policy and are targeting ‘Net Zero’ emissions from our GBA Development project at the start of first oil.”