Jersey Oil and Gas Plc (LON:JOG) said it is delivering on its growth strategy with the Greater Buchan Area project in the North Sea.

The company, in its results statement for 2020, highlighted that during the year it successfully aggregated its portfolio of discovered resources into GBA, along with what it described as significant exploration upside.

It also bolstered its in-house expertise.

“We have assembled an industry-leading, multidisciplinary team of specialists who have delivered a significant upgrade in discovered and prospective resources and selected what we believe is the optimum development concept,” said chief executive Andrew Benitz.

READ: JOG introduces Carbon Policy

He added: “The GBA project will be a major investment for the UK, create many jobs and ultimately produce a vital domestically sourced and low carbon supply of energy.”

In terms of financial results, the company said it ended 2020 with £5.1mln of cash and it had no debt. The pre-revenue firm meanwhile reported by £2.8mln loss for the year.

Subsequently, in the current financial year, the company raised £16.6mln through an oversubscribed equity funding.

In its outlook the company highlighted GBA’s credentials: “we are confident that this project, by virtue of its size, location and low carbon, electrically powered credentials, will be of interest to many industry participants.”

A formal farm-out process in the first quarter of 2021 as the company’s plan targets first oil in 2025.

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