Independent Oil and Gas plc (IOG) today announced the mechanical completion of the Blythe and Southwark platforms, with installation due by the end of June 2021. CONSTRUCTION The gas company added that, following the arrival of the Noble Hans Deul rig at Elgood, it had also full drawn its bond escrow account into unrestricted cash. […]
Tag: North Sea
Serica 2020 profits plunged but operations continued
Serica Energy plc’s pre-tax profits for 2020 plummeted due to low oil prices and Bruce caisson shut-in but the company managed to continue operations. No Covid-19 cases or injuries were recorded and the company avoided furloughing staff and government assistance programmes. Serica also continued to make progress with its environment, social and governance policies with […]
JOG completes acquisition of Verbier
Jersey Oil & Gas plc (JOG) has taken full control of licence P2170, containing the Verbier oil discovery, after completing its acquisition of CIECO V&C (UK) Ltd. FARM-OUT The purchase is from ITOCHU Corporation and Japan Oil, Gas and Metals National Corporation (JOGMEC). JOG paid £150,000 and two contingent payments based on the Oil & […]
JOG raises £15m via placing and subscription
Jersey Oil & Gas plc announced it had raised £15 million from an oversubscribed placing by way of an accelerated bookbuild. DIRECTOR DEALINGS The funds were raised through the placing of 9,054,548 new ordinary shares (placing shares) and a subscription for 36,361 new ordinary shares (subscription shares) at an issue price of 165 pence per share. Director Role […]
North Sea operators cut flaring by 22% in one year
Flaring in the North Sea fell by 22% – approximately equivalent to the gas demand of 200,000 UK homes – in 2020 compared with the previous year, said the Oil and Gas Authority (OGA). Production facilities cut the overall volume to 33 billion cubic feet (bcf) which is the lowest level of flaring on the […]
JOG seeks £10-£15m and launches farm-out for GBA
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 […]