UK's Jersey Oil & Gas jumps on Greater Buchan Area farm-out deal

Jersey Oil and Gas

31/03/2023 09:44

** Shares of Jersey Oil & Gas Plc  JOG.L  jump as much as
22.3% to 187.1p - stock set to post best day since Jan. 26,
2021, if current gains hold
    ** The North Sea-focused upstream oil and gas firm says
heads of terms agreed for the farm-out of a material interest in
the Greater Buchan Area licences to a "significant" North Sea
operator
    ** Co says both parties working towards finalising a
fully-termed agreement in the near future and exclusivity period
has been agreed until April 30
    ** WH Ireland Capital Markets analysts say in a note that
the commodity price cycle is excellent for both co and counter
party
    ** Including session's gains, stock up about 27% YTD

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))