The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Jersey Oil and Gas details Buchan’s "significant" resources

Pubdate:2019-10-09 09:37 Source:liyanping Click:

ST. HELIER -- Jersey Oil and Gas PLC has revealed the findings of a new independent evaluation of its recently acquired Greater Buchan Area project in the North Sea.

The AIM-quoted explorer this summer landed the GBA asset, via the UK’s 31st offshore licensing round, and it has moved quickly to assess the project’s potential.

Contractor Rockflow Resources has penned a new competent persons report for the project, identifying some 94.7 MMbbl of technically recoverable crude net to Jersey.

Rockflow details some 81.2 MMbbl (in the mid-case) within the Buchan oil field, plus a further 3 MMbbl in the smaller Buchan Andrew discovery and 11.9 MMbbl in the J2 Sgiath discovery.

The low case estimate envisages a total of 71.3 MMbbl for the GBA whilst the high-case estimate comprises some 114.4 MMbbl. The estimates represent a relatively tight range of estimates.

Moreover, the stock market statement gives a valuation of £791 million for Jersey’s ‘mid-case’ contingent resources – including the new GBA estimates along with the explorer’s share of the Verbier discovery.

“Together with JOG's 18% share of the Verbier discovery, this gives a total of nearly 100 MMbbl net to JOG and provides a contingent resource valuation (NPV10) of nearly $1 billion net to JOG for Buchan, the J2 discovery, Buchan Andrew and the company's share of Verbier in the adjacent licence,” said Andrew Benitz, Jersey chief executive.

“This independent valuation supports the significant value proposition for developing the base case discovered volumes that JOG owns within its core Greater Buchan Area assets."

Equinor not joining GBA, future farm-outs eyed

In a separate statement, Jersey reported that Equinor - its partner at Verbier – had elected not to exercise its option to acquire a 50% stake in the GBA asset.

Equinor had been granted a three-month option for the project as Jersey picked up the project from the UK government.

The Norwegian oil will continue its efforts to mature and assess the opportunities in the adjacent Verbier acreage, Jersey said.

Andrew Benitz told investors that Equinor’s decision “provides JOG with greater flexibility, control and the full value potential of this very exciting new area development project.”

He said: “Jersey Oil and Gas continues to enjoy a strong collaborative working relationship with Equinor that began by bringing them into P2170 as a farm-in partner in 2016.

“It was as a result of this collaboration that we offered them, at this early stage of the project, a 90 day opportunity to participate in our Greater Buchan Area plans.”

The Jersey boss highlighted: “As we progress to define and select the best development concept, we will consider farm-outs for value to industry partners prior to submitting FDP in 2022."

WH Ireland expects positive reaction

Stockbroker WH Ireland has a positive outlook for Jersey shares, for both today and “the mid term”, as the market digest and look forward to the company’s development plans.

“In our opinion, the report confirms that the company’s centre of gravity now clearly resides on Buchan field with 81.2 MMbbl of recoverable resource,” analyst Brendan Long said in a note.

“We believe this is positive because this field has produced for decades and benefits from a high level of data and understanding.

“Most importantly having a strong asset that can deliver scale and attractive economics is what we believe will attract, at the appropriate time, the substantive capital to fund a development program.

“On balance we are very impressed that Jersey, which is essentially a small/growing oil & gas company has landed the assets it now holds.”

Long added: “We are further impressed that the company has only issued 21.8 million shares to get it to where it is today.

“We believe the company is doing it right and stands to be a real UK North Sea winner.”

Jersey highlights hub plan for Buchan

The company, in Tuesday’s statements, describe Buchan as a “significant redevelopment opportunity” whilst highlighting that the field’s past production was curtailed prematurely as a result of safety concerns over aging production facilities, which have since been removed by a previous operator.

It has the potential to produce for decades to come, the oil junior stated.

“A wealth of subsurface data exists on the field, with two major independent studies concluding that the field has remaining mean case recoverable volumes of approximately 80 MMboe,” Jersey said.

“Buchan has historically produced almost entirely through only natural depletion and the deployment of modern technologies and practices are expected by JOG's management to enable the field to produce for potentially in excess of a further twenty years.”

Located in the adjacent licence to Verbier and located close to satellite resources in the J2 and Glen discoveries, the plan will be to develop Buchan as a production hub for the broader area.

Those discoveries, including Verbier, represent “attractive potential tie-back opportunities” for the Buchan hub, according to Jersey.

“In aggregate, JOG internal estimates indicate that some 144 MMboe of gross recoverable resources can be commercially produced through the Buchan hub, which would make it the largest new area hub in the UK Central North Sea since Golden Eagle,” it added.

“Additionally, within the catchment area of the GBA, there is significant upside potential to tie in additional third party discovered resources and any further GBA exploration upside.”

主站蜘蛛池模板: 日韩中文字幕视频在线观看| 国色天香精品一卡2卡3卡| 日本久久中文字幕| 在线播放真实国产乱子伦| 国产亚洲欧美bt在线电影| 亚洲理论片在线中文字幕| 亚洲精品成人av在线| 中文国产成人精品久久一| 日本人强jizzjizz| 狠狠色综合网站久久久久久久高清| 日韩一级片免费| 国产偷国产偷亚洲高清人| 亚洲一级高清在线中文字幕| a级片免费在线播放| 色欧美片视频在线观看| 欧美一区二三区| 夜色资源站www国产在线观看| 后入内射欧美99二区视频 | 中文字幕乱伦视频| 黄瓜视频在线观看网址| 欧美日韩福利视频一区二区三区| 婷婷国产成人精品视频| 国产三级电影在线观看| 久久精品国产99久久无毒不卡| 在线精品91青草国产在线观看| 中国大臿蕉香蕉大视频| 美女扒开裤子让男人桶视频| 日韩欧美无线在码| 国产欧美va欧美va香蕉在线观看| 亚洲精品tv久久久久久久久久| www视频免费看| 美女极度色诱视频国产| 女性高爱潮真实有声视频| 午夜福利一区二区三区在线观看| 久久久久久人妻一区二区三区| 国产99在线|亚洲| 未满小14洗澡无码视频网站| 国产精品亚洲一区二区三区| 亚洲成av人片在线观看无码| 97av在线播放| 波多野结衣中文字幕一区二区三区 |