Investors in Jersey Oil & Gas PLC (LON:JOG) will be rewarded as the Buchan project advances, that’s the view of stockbroker WH Ireland.
As Jersey this morning released a new corporate video, providing detail and insight to the plans for Buchan, the stockbroker repeated a 268p per share valuation for Jersey suggesting substantial upside to the current share price of 86.5p.
“We believe that the backdrop for Jersey is extremely positive from a commodity price perspective and concept, given the company is developing a high-quality, large-scale resource in the UK North Sea,” said analyst Brendan Long.
“The technical work undertaken by the company and communicated to the market today, via a technical presentation and video, stands to further de-risk the project.”
Long added: “All-in, despite the market under-appreciating the progress being made by Jersey, the company continues to progress the Greater Buchan Area exactly as we would like to see and we believe rewards for shareholders are forthcoming.”
Releasing the video entitled ‘The Buchan Oil Field – A New Beginning’, Jersey chief executive Andrew Benitz said: “We are very pleased to share our vision for the potential future production of the iconic Buchan oil field, the core part of our development plans for the wider Greater Buchan Area. JOG is planning for a low carbon, sustainable oil development, supporting the required energy transition phase and the UK economy for many years to come.”