By Philip Waller

LONDON--Jersey Oil & Gas (JOG.LN) Friday reported progress in its North Sea licenses and said it is talks with multiple parties about buying North Sea production assets.

The company's operation partner in the Verbier prospect in the North Sea, Statoil (U.K.) Ltd. has floated a tender for a drilling rig and related services as it prepares to drill an exploration well at the prospect this summer. Jersey Oil & Gas has an 18% stake in Verbier.

Jersey also said it stands to receive up to $4 million from Azinor Catalyst Ltd. if the latter finds oil and approves a development plan for the Partridge prospect on license P.1989, Blocks 14/11, 12 & 16 later this year.

Regarding its production acquisition strategy, the group said it continues to be involved in multiple sale processes regarding several large-scale North Sea divestments announced by industry participants in recent months.

-Write to Philip Waller at philip.waller@wsj.com

(END) Dow Jones Newswires

February 17, 2017 05:05 ET (10:05 GMT)

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