Jersey Oil, CEICO Sell 70% Stake in North Sea Assets to Statoil
August 23 2016 - 3:36AM
Dow Jones News
By Alex MacDonald
LONDON--Jersey Oil & Gas PLC (JOG.LN) and its partner CEICO
have agreed to give Norwegian oil major Statoil ASA (STO) 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.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
August 23, 2016 03:21 ET (07:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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