Jersey Oil & Gas PLC (LON:JOG) said it is in discussions about a fundraise of between £10-15mln to help fund the development of its Greater Buchan Area project in the North Sea.
JOG added it had now also formally started the farm-out process to find a partner to help it with the project.
In the meantime, proceeds from any fundraise ‘would be utilised to maintain momentum for the next phase of workstreams on the project and augment the company’s existing cash reserves during farm-out discussions’.
There can be no certainty that any funds will be raised by the company, said the statement.
In January, JOG upgraded the P50 contingent technically recoverable resources to 126mln barrels of oil just for the Buchan field, which will be the central part of the Greater Buchan Area (GBA) hub.