North Sea minnow Jersey Oil and Gas (JOG) saw its share price skyrocket by 140% yesterday after an announcement on new licensing awards.
Jersey was awarded three new blocks in the Greater Buchan Area in the Moray Firth, adding 100million discovered barrels of oil equivalent to its portfolio.
It also added prospective resources of 300million barrels of oil equivalent.
The news saw share value rise from around 72pence to 176p yesterday.
CEO Andrew Benitz said: ““These awards are the kind of value creating opportunities available to nimble independent companies operating in the North Sea today and stem from an intensive two-year work effort behind the scenes by JOG to prepare today’s winning applications.
“By way of low-risk accumulation of discovered resource volumes, this is by far the most significant event for JOG since its inception and we are excited to start work on this new project immediately.”