REG - Jersey Oil & Gas PLC - Drilling of the Verbier Appraisal Well

Jersey Oil and GasAnnouncement

04/03/2019 07:05

RNS Number : 6759R
Jersey Oil and Gas PLC
04 March 2019
 


04 March 2019
 
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
 
Commencement of drilling of the Verbier Appraisal Well
 
 
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ‎focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce that drilling operations have commenced on well 20/05b-14 on UK Seaward Licence P2170, Blocks 20/5b & 21/1d (the "P2170 Licence") using the semi-submersible rig West Phoenix. Expected total Capex for 2019 remains within the Company's previous guidance.
 
Initial operator estimates of gross recoverable resources associated with the Verbier discovery are between 25 and 130 million barrels of oil equivalent ("mmboe") with an estimated mean of 69mmboe. The purpose of the planned appraisal well programme is to refine the potential volume range in the discovery.
 
The co-venturers in the P2170 Licence and their respective interests are: Equinor UK Limited 70%, JOG 18% and CIECO V&C (UK) Limited 12%.
 
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"Further to the Verbier oil discovery announced in October 2017, we are delighted to announce that drilling operations to appraise Verbier have now commenced and look forward to participating in a safe and successful well programme, with well results expected by mid Q2 2019."
 
Enquiries:



Jersey Oil and Gas plc
 


Andrew Benitz, CEO


C/o Camarco:
Tel: 020 3757 4983




Strand Hanson Limited


James Harris
Matthew Chandler
James Bellman


Tel: 020 7409 3494




Arden Partners plc


Paul Shackleton
Benjamin Cryer


Tel: 020 7614 5900




BMO Capital Markets Limited


Jeremy Low
Tom Rider


Tel: 020 7236 1010




Camarco


Billy Clegg
Georgia Edmonds 
James Crothers


Tel: 020 3757 4983



 
 
Notes to Editors:
 
Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company owns an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Equinor UK Limited, owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest. This licence contains the Verbier oil discovery, with initial operator estimates of gross recoverable resources of between 25 and 130 million barrels of oil equivalent ("mmboe") with an estimated mean of 69mmboe.
 
The Company plans to build an upstream E&P portfolio via both organic development and acquisitions coinciding with the cyclical recovery in the oil price and the opportune buying market in the North Sea. The Company is involved in multiple acquisition opportunities and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated growth strategy.
 
 
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014
 
 
 
 
 
 
 
 




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