- Oil and gas company Jersey Oil & Gas said it had entered into a conditional sale and purchase agreement to acquire CIECO V&C from ITOCHU Corporation.

The acquisition secured an additional 12% working interest in licence P2170, providing the company with 100% ownership and full control of Licence P2170, located within its Greater Buchan Area development project.

Under the terms of deal, the company made a £150,000 cash payment and agreed to payout provisions totaling £2.5 million.

The payout provisions included a £1.5 million cash payment payable after the company receives consent from the UK's Oil & Gas Authority for its field development plan of the Verbier discovery in the upper jurassic Burns Sandstone reservoir located on Licence P2170; and £1 million in cash payable on later than one year after first oil from the project.

At 10:02am: [LON:JOG] Jersey Oil And Gas Plc share price was 0p at 98p

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