Jersey Oil & Gas Plc (LON:JOG) said it has now completed the process to re-acquire Equinor’s stake in Licence P2170, in the North Sea, which is host the Verbier discovery.
In return, Equinor receives two milestone payments and a royalty based on volumes produced from the Verbier Upper Jurassic (J62-J64) reservoir
It is one step in the consolidation of multiple valuable but modest discoveries into a hub development project, to be known as the Greater Buchan Area (GBA) project.
"I am pleased that JOG has completed this important step to acquire an additional interest and operatorship in the Verbier discovery together with material exploration upside to facilitate our plan to develop Verbier as part of our GBA development,” Jersey O&G chief executive Andrew Benit said in a statement.
“We continue to make solid progress on concept select for the GBA and work closely with contractors, other area stakeholders and the OGA on this important project," he added.
Jersey O&G noted that as well as Verbier, Licence P2170 also benefits from multiple material exploration prospects.
Such projects would also potentially benefit from the opportunity of being tied-back to the GBA infrastructure.