Jersey Oil & Gas plc (JOG) said it was in discussions to raise £10 to £15 million and it had launched a farm-out process for its Greater Buchan Area (GBA) in the North Sea.
The announcement follows publication earlier this month of a concept select report showing a potential 172 MMboe of 2C contingent resource estimates to be delivered via platform electrification from the GBA. bityl.co/5wcE
“The planned farm-out process has now been formally launched,” said JOG today in a statement.
“The company confirms that it is in discussions regarding a fundraising of between £10 to £15 million.
“The net proceeds of such a potential fundraise would be utilised to maintain momentum for the next phase of workstreams on the project and augment the company’s existing cash reserves during farm-out discussions.
“There can be no certainty that any funds will be raised by the company.”
Jersey Oil & Gas is an independent UK exploration and production company building an upstream oil and gas business in the North Sea.
It has 100% operatorship and 100% working interests in blocks containing the Buchan oil field and J2 and Glenn oil discoveries.
It also has 100% working interest in the P2170 licence blocks 20/5b & 21/1d, containing the Verbier oil discovery and other exploration prospects, subject to the Oil and Gas Authority’s approval of JOG’s acquisition of CIECO V&C UK Ltd. bityl.co/5wcX
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