Jersey Oil and Gas announced that it has agreed to farm-out a 30% interest in the Greater Buchan Area ("GBA") licences to Serica Energy (UK) Limited (the "Serica Farm-out"). Upon completion of the Serica Farm-out, JOG will have a 20% interest in the GBA licences and a full carry on the capital expenditure required to bring the Buchan field into production. Highlights: Fully Funded: The transaction delivers material value to JOG and results in the Company having a fully funded 20% interest in the on-going Buchan redevelopment project; Strong industry partner: Serica is a leading mid-tier UK oil and gas company producing more than 40,000 barrels of oil equivalent per day, further strengthening the quality of the GBA joint venture; Milestone payments: $18 million of the $38 million cash payments attributable to the two GBA farm-outs will have been received upon completion of the Serica transaction; Value creation: Clear path to development sanction and first oil, with JOG's fully funded position meaning the Company is underpinned by exposure to zero-capex flowing barrels; Future cash generation: Once onstream, JOG will be a non-operated partner entitled to 20% of production from the Buchan field; Low carbon development: redeployment of an existing floating production, storage and offloading ("FPSO") vessel that is planned for future connection to a nearby floating wind power development makes the Buchan redevelopment solution the option with the lowest full-cycle carbon footprint.

Transaction Summary The farm-out transaction with Serica is on identical pro-rata terms to that previously completed with NEO Energy ("NEO") earlier in the year. In aggregate, the two transactions result in JOG retaining a 20% interest in theGBA licences, a full carry on the capital expenditures required to bring the Buchanfield into production and a number of milestone cash payments. Upon completion of the Serica farm-out, the combined cash payments received from the two farm-outs will be over $18 million, with a further $20 million due to be paid to JOG at Buchan Field Development Plan ("FDP") approval.