Statoil completes UK North Sea farm-in

Offshore staff

LONDONJersey Oil & Gas and CIECO Exploration have completed a sale and purchase agreement giving Statoil (U.K.) a 70% interest in UK central North Sea license P.2170, blocks 20/5b and 21/1d.

Under the terms of the farm-out, Jersey will receive a cash consideration of $0.54 million from Statoil, with a further $1.2 million payable to the company’s partners in the North Sea Athena asset, in accordance with a historical settlement agreement.

Post completion Statoil will operate the license and will fund all costs up to $25 million for the first exploration well to be drilled.

Andrew Benitz, Jersey’s CEO, said: “The P.2170 license area has significant exploration potential for the discovery of oil and we look forward to drilling one of the prospects with our partners, conceivably during 2017.”


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...