Independent producer Jersey Oil & Gas (JOG) is “financially secure and funded for execution of the 70mn-barrel Greater Buchan Area redevelopment programme,” it said May 28 as it announced its results for 2024 – which it called ‘a year of two halves’. Farm-outs with NEO and Serica Energy mean that JOG is carried for its 20% share of the costs to take Buchan through to field development plan (FDP) approval. Working on the FDP took up the first half of 2024 and the second half was dedicated to responding to three government consultations about the UK North Sea. ”While the exact timeline for completing these activities has not yet been finalised, it is likely that a positive outcome from the consultations would lead to FDP approval being targeted during 2026,” it said.
CEO Andrew Benitz said: “Given the significant contribution that the industry can make to UK economic growth, jobs, tax revenues and both the energy transition and energy security, all of which are priorities for the current government, we are optimistic that such consultations will provide sensible answers to the issues being considered. In the meantime, the company remains in a solid financial position and we continue to evaluate opportunities to enhance the long-term value of the business.”
URL: Investors – Jersey Oil & Gas
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