AIM-listed Jersey Oil & Gas, an independent upstream oil and gas company ‎focused on the UK Continental Shelf region of the North Sea, has provided a corporate update and outlook for the year ahead.

 Highlights

UK Oil & Gas Industry Landscape

 Greater Buchan Area

Strategic Focus

Solid Financial Position

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

'It is clear that the regulatory and fiscal consultations the Government has undertaken since coming into office in July 2024 have disrupted the UK North Sea oil and gas industry and stifled investment activities.  However, the outcome of the consultations have now been finalised and the fiscal terms within which to best optimise investment decisions have been set.  These terms point to a longer investment cycle over the coming years, which maximises value across the applicable fiscal regimes.  For Buchan, taking the time now, to verify and engineer the best possible development solution within that cycle, should ultimately enhance the overall value of the project for all parties.

While the Government has been working to set the overall parameters in which the industry operates, the corporate landscape has also evolved.  Most notably our joint venture partner and Buchan field operator, NEO Next+, on completion of its latest deal, will establish itself as the largest operator and producer in the UK North Sea.  This represents an exciting step, both for us to be working alongside the leading player in the basin and to be part of one of the key growth opportunities in its asset portfolio.  The Greater Buchan Area, with estimated gross resources of over 100 MMboe and significant exploration upside, represents a material opportunity on a standalone basis and within the outlook of the UK sector as a whole.'

Original announcement link

Source: Jersey Oil and Gas