Jersey Oil & Gas plc (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf ('UKCS') region of the North Sea, is pleased to announce that it has entered into a conditional Sale and Purchase Agreement ('SPA') to acquire operatorship of, and an additional 70% working interest in, Licence P2170 (Blocks 20/5b and 21/1d) ('Licence P2170') from Equinor UK Limited ('Equinor') (the 'Acquisition').

Andrew Benitz, CEO of JOG, commented: 'Acquiring further discovered oil volumes enhances JOG's project value considerably and at the same time strengthens our plan to bring Verbier into future production through the GBA development, which is a truly exciting opportunity to showcase what is possible with new developments in the UKCS. We are working closely with the OGA and leading contractors to introduce technologies to enable the GBA development to be at the forefront of the energy transition as well as being a new area hub that encourages regional industry collaboration to maximise the economic recovery of resources in this prolific part of the Central North Sea.'

'We are now well placed to progress our development plans through Concept Select, before launching a farm-out process to attract industry partners to join us in unlocking the significant value that exists within the Greater Buchan Area.'

Contact:

Andrew Benitz

Tel: 020 3757 4983

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