Investment Highlights
Quality Development
- Experienced, well-funded joint venture established through farm-out transactions
- GBA hub development underpinned by lower risk Buchan field
- High-quality FPSO secured
- Portfolio feeder fields able to supplement the core Buchan development
Well-Funded
- Funded to Buchan first oil through farm-out transactions
- Full expenditure carry for JOG’s 20% interest in the approved Buchan development budget
- $18 million of the $38 million cash payments attributable to the two GBA farm-outs received
- Right-sized organisation
Strategic Focus
- Creation and monetisation of the GBA – delivering access to material cash receipts and a fully funded long-term stable income stream
- Balancing future potential growth and value crystallisation
- Highly experienced Board and executive team with a proven track record in growing companies in the energy sector and monetising exits
Supporting Energy Transition
- GBA development characteristics deliver the lowest full-cycle carbon footprint solution
- Buchan – field redevelopment involving reuse of existing infrastructure that’s electrification ready
- Creating a production hub in-sync with the UK’s oil and gas industry decarbonisation strategy – supporting new floating wind power developments