Jersey Oil and Gas is focused on delivering shareholder value and growth through creative deal-making, resource ownership via exploration success and licence awards, successful project development and value accretive asset and corporate acquisitions. We are convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.
The Company has a core focus on its acreage in the Outer Moray Firth, where it is planning a major new area hub development called the Greater Buchan Area. The Company has been actively involved in operations within the Outer Moray Firth since 2014, during which time we have successfully explored and discovered the Verbier oil field in collaboration with our co-venturers Equinor and CIECO and we have recently been awarded neighbouring acreage that includes the Buchan, J2 and the Glenn oil fields and multiple exploration prospects. JOG’s licenced acreage is estimated to have more than 120 million barrels of discovered and recoverable oil volumes net to the Company and significant additional exploration opportunities. This is a highly material project for the Company and has the potential to create significant ongoing shareholder value as the Company embarks on the Field Development Plan.
JOG continues to be nimble and creative in its pursuits to grow the business and as we develop the Greater Buchan Area, we will continue to pursue additional growth opportunities in the North Sea that management believe are value accretive to the Company and our shareholders. We are mindful that the company has a useful tax loss position that can be beneficially utilised through strategic production focused asset acquisitions.