Jersey Oil & Gas Shares Fall as Equinor Decides Not to Exercise Option
October 08 2019 - 04:57AM
Dow Jones News
By Oliver Griffin
Shares in Jersey Oil & Gas PLC (JOG.LN) fell on Tuesday
after the company said Equinor ASA (EQNR.OS) had decided against
exercising an option to take a 50% stake in two of the company's
blocks in license P2498.
Shares at 0824 GMT were down 12% at 199 pence.
The energy company said that Equinor, the majority state-owned
Norwegian oil-and-gas major, decided not to take the stake in
Blocks 20/5a and 21/1a, which are located on the U.K. continental
shelf.
Jersey Oil & Gas will therefore remain as 100% license
holder and operator of the two blocks. It said it has started the
concept appraisal and selection phase activities of the Greater
Buchan area development.
The company separately reported that an independent assessment
of the JD discovery and the Buchan discoveries located in the North
Sea blocks, estimates that they contain a combined a mid-case
resource of 94.7 million barrels of oil.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
October 08, 2019 04:42 ET (08:42 GMT)
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