UK: Jersey Oil and Gas completes the acquisition of CIECO V&C (UK)
07 Apr 2021
AIM-listed
Jersey Oil & Gas, an independent upstream oil and gas company focused on the UK Continental Shelf ( UKCS ) region of the North Sea, has completed its acquisition of the entire issued share capital of
CIECO V&C (UK), owned by ITOCHU and
Japan Oil, Gas and Metals National Corp ( JOGMEC ). As previously announced on 26 November 2020, the consideration for the acquisition consists of a completion payment of £150,000 and two contingent payments based on the UK s Oil & Gas Authority s consent for a Field Development Plan and the potential future development and production of oil volumes from the Verbier discovery in the Upper Jurassic (J62-J64) Burns Sandstone reservoir located on