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(Alliance News) - Jersey Oil & Gas PLC said on Thursday formal documentation for blocks awarded to the company has been completed.
In August, Jersey was awarded block 21/2a on the UK Continental Shelf, which contains the Glenn oil discovery. Prior to that, in July, it was awarded three other blocks, including the Zermatt, Buchan, and J2 oil discoveries.
The awards came under the UK Oil & Gas Authority's 31st offshore licensing round.
Chief Executive Andrew Benitz commented: "We are very pleased to have now formally completed our recently announced block awards in the 31st round. These awards have leapfrogged Jersey from being an exploration focused business into an operator of a major new area hub development project, with estimated discovered mean recoverable resources net to Jersey of in excess of 120 million barrels of oil equivalent, together with significant upside potential to tie in further resources within the Greater Buchan Area.
"This represents a very exciting new chapter for Jersey and we look forward to working with all our stakeholders as we progress the field development plan for this transformational project."
Jersey shares were 2.0% higher on Thursday afternoon in London at 222.45 pence each, having nearly tripled since July.