Jersey Oil & Gas to Acquire Equinor's 70% Operated Stake in License P2170

Updated 1 year 7 months ago

In January 2020, Jersey Oil & Gas entered a conditional sale and purchase agreement with Equinor to acquire an additional 70% interest and operatorship of license P2170 (blocks 20/5b and 21/1d) including the Verbier oil field. Equinor will receive $3 million upon sanctioning of a field development plan for Verbier, $5 million upon first oil, and certain royalty payments on the first 35 million barrels produced. This increases total 2C discovered resources across the Greater Buchanan Area by 17.5 MMboe to 14 MMboe to Jersey and simplifies licenses ownership ahead of a GBA farm out.