JOG has announced completion of its recent farm out of its GBA assets to NEO Energy. NEO has acquired a 50% interest in JOG’s GBA licences (which contain the Buchan field and J2 and Verbier discoveries), in exchange for providing a full carry based on field development CAPEX on 12.5 percentage points of JOG’s remaining 50% interest, plus cash full carry on FEED expenditure (to a gross cap of US$25m) and further milestone cash payments totalling up to US$23.9m on Buchan (including US$2m on farm o ....
22 Jun 2023
Jersey Oil and Gas (JOG LN) - Farm out completion
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Jersey Oil and Gas (JOG LN) - Farm out completion
Jersey Oil & Gas PLC (JOG:LON) | 148 0 0.0% | Mkt Cap: 48.3m
- Published:
22 Jun 2023 -
Author:
Daniel Slater, CFA -
Pages:
5
JOG has announced completion of its recent farm out of its GBA assets to NEO Energy. NEO has acquired a 50% interest in JOG’s GBA licences (which contain the Buchan field and J2 and Verbier discoveries), in exchange for providing a full carry based on field development CAPEX on 12.5 percentage points of JOG’s remaining 50% interest, plus cash full carry on FEED expenditure (to a gross cap of US$25m) and further milestone cash payments totalling up to US$23.9m on Buchan (including US$2m on farm o ....