Jersey Oil & Gas is ploughing ahead with its development plans for the Greater Buchan Area (GBA) project in the North Sea, with its developers working from home amid the coronavirus outbreak.
The firm, which is quoted on the Alternative Investment Market (AIM), said it has enough working capital to fund its operations through to the end of 2021 and had £12.3 million of cash at its last year-end. It also has no debt at present.
The GBA is estimated to hold more than 140 million barrels of oil equivalent. Jersey expects to sell a stake in the development later this year.
The company added: “While it would be inappropriate to describe the situation as ‘business as usual’, we continue to work on the various workstreams required to achieve our stated goals and create long-term shareholder value, including advancing concept select for the GBA development, which remains on track for delivery this summer.
"Given the nature of our current workstreams, these can mostly be completed remotely by our team and contractors and therefore we have set up business continuity measures to enable our team to work from home to ensure that the safety of those in our employ remains a top priority.”
