Jersey Oil and Gas Plc (AIM:JOG) entered into a conditional Sale and Purchase Agreement to acquire an additional 70% stake in Licence P2170 in Aberdeen from Equinor UK Limited for $8 million on January 27, 2020. Under the terms of the acquisition, Jersey Oil and Gas will pay contingent payments of $3 million upon sanctioning by the UK's Oil & Gas Authority of a Field Development Plan in respect of the Verbier Field, $5 million upon first oil from the Verbier Field and Royalty payment of a gross revenue royalty on the oil production generated from the Verbier Field calculated on a 70% working interest for on-block volumes. Upon completion of the transaction, Jersey Oil and Gas will have 88% stake in License P2170 from its previous 18% stake. The transaction is subject to the approval of Oil & Gas Authority and is expected to complete on the first quarter of 2020. The transaction adds an estimated $506 million of post tax cashflow to JOG and the estimated NPV of the GBA development project, net to JOG increases to $1.15 billion with the estimated post tax cash flow increasing to $3.17 billion. James Harris, Matthew Chandler, James Bellman of Strand Hanson Limited, Paul Shackleton and Benjamin Cryer of Arden Partners plc, Jeremy Low and Tom Rider of BMO Capital Markets Limited and Billy Clegg and James Crothers of Camarco acted as financial advisors to Jersey Oil and Gas Plc in the transaction. Jersey Oil and Gas Plc (AIM:JOG) completed the acquisition of an additional 70% stake in Licence P2170 in Aberdeen from Equinor UK Limited on May 20, 2020.