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Jersey Oil and Gas drops on delays at Buchan field
(Sharecast News) - The share price of Jersey Oil and Gas dropped on Friday after the AIM-listed upstream producer announced that partner Dana Petroleum has terminated a planned purchasing of a floating, production, storage and offloading (FSPO) vessel for the Buchan Horst oil field. The termination follows the expiry of a prior agreement as the joint venture partners await clarity on the government's tax regime for the North Sea for 2030 and beyond.
JOG said that the Buchan joint venture's ability to recommit to the acquisition of the FPSO is "naturally linked to the satisfactory conclusion of the on-going fiscal and regulatory consultations", as well as the completion of required pre-handover works on the vessel.
"The route to unlocking the Buchan development continues to depend on achieving satisfactory conclusions in respect of the on-going fiscal and regulatory consultations," said JOG's chief executive Andrew Benitz.
However, he said it fiscal consultations had kicked off on Thursday and it was clear that the government had "heard many of the concerns of the industry".
Shares were down nearly 6% at 57p in afternoon trade.
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