26th Jan 2021 10:39
Jersey Oil & Gas PLC - North Sea-focused upstream oil and gas company - Reports significant increase contingent resource estimate for Buchan oil field, located in Great Buchan Area of the North Sea's UK continental shelf. This follows dynamic modelling of the P50 stock tank oil initially in place by Schlumberger Oilfield UK PLC, which has found the P50 estimate for Buchan oil field technically recoverable resources to be 120 million stock tank barrels. This represents a 50% increase over previous estimates. The expected ultimate recovery factor is 54% of original oil in place, historic field production having recovered 29% of stock tank oil initially in place. Buchan oil quality is sweet light crude at 33.5 degrees API. Future production is to use deviated wells high in the structure with water injection.
"Today's increase in volumes comes ahead of the anticipated launch of the company's [Great Buchan Area] farm-out process later this quarter seeking to attract industry partnership to join [Jersey Oil & Gas] in unlocking the significant value that exists within this very exciting major North Sea area hub development project," says Jersey Oil & gas.
Current stock price: 151.80 pence; up 28% on Tuesday
Year-to-date change: up 21%
By Anna Farley; [email protected]
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