Sector News

Jersey Oil, CEICO sell North Sea stake to Statoil

August 24, 2016

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

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Consumer Packaged Goods

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach