Jersey Oil & Gas PLC and its partner CEICO have agreed to give Norwegian oil major Statoil ASA a 70% stake in a series of U.K. North Sea assets in return for a $2 million up-front cash payment and promise to spend up to $25 million to drill a well on Licence P.2170.
Jersey Oil and CEICO currently own 60% and 40%, respectively, of Licence P.2170, Blocks 20/5b and 21/1d. Once the deal is completed, Statoil will become the operator while Jersey Oil will hold an 18% stake and CEICO a 12% stake.
The P.2170 Licence area contains two medium-risk oil prospects with an estimated 300 million and 212 million oil barrel equivalent resources respectively.
By Alex MacDonald
Source: MarketWatch
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