Jersey Oil & Gas, announced that it has signed a sales and purchase agreement with Azinor Catalyst Limited for the farm-out of its 50% interest in Seaward Production Licence P.1989 Blocks 14/11, 12 & 16 held via its wholly owned subsidiary Trap Oil Limited. The balancing 50% interest in the Licence is currently held by Norwegian Energy Company UK Limited. The Licence area located in the North West Witch Ground Graben in the Moray Firth, was awarded as a Traditional licence in the Department of Energy and Climate Change's 27th Licensing Round and prospectivity has been identified in Early Cretaceous sediments.

Under the terms of the SPA, Catalyst has agreed to acquire 100% of the Licence from both Trap and Noreco, and on completion of the transaction will be appointed as Operator.