Jersey claims 120m barrel Buchan opportunity after latest block award
by Mark Lammey
23/08/2019, 7:00 am
Jersey Oil and Gas has taken the next step in its mission to amass a major resource base in the outer Moray Firth after clinching the block containing the Glenn discovery.
Block 21/2a is an additional award from the Oil and Gas Authority’s 31st supplementary licensing round, which focused on the Greater Buchan Area.
London-listed Jersey previously announced that it had been handed acreage containing the Buchan and J2 discoveries during that bidding round.
At the time, Jersey described those awards as the “most significant event since its inception”, while the firm’s shares skyrocketed.
The assets are in the same vicinity as licence P2170 containing the Verbier discovery, in which Jersey holds an 18% stake.
Equinor-operated Verbier underwhelmed in April when an exploration well showed the field contained closer to 25 million barrels of oil, not the 130m barrels partners had hoped for.
Jersey said today that the addition of Glenn to its existing Greater Buchan acreage provided an opportunity to develop a major new area capable of producing 120m barrels of oil equivalent net.
Chief executive Andrew Benitz said: “We are delighted to announce this further licence award within the Greater Buchan Area.
“This additional acreage completes a 100% success rate of awards across all of the acreage we applied for in the 31st supplementary offshore licensing round.
“The Glenn oil discovery contained therein adds additional discovered resources net to Jersey as well as operatorship of another discovered resource in the area of our Buchan-centred development hub plans for the GBA.”