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Jersey Oil & Gas looks forward to new Verbier well as Statoil signs up rig

Statoil has signed up the West Phoenix rig for the drilling due to take place in summer 2018.
oil and gas operations
Jersey owns 18% of Verbier

Jersey Oil & Gas Plc (LON:JOG) is preparing for the next well at the Verbier discovery in the North Sea, with a rig contract now signed for an appraisal programme.

The explorer said in a statement that project operator Statoil has signed up the West Phoenix rig for the drilling due to take place in summer 2018.

READ: Jersey Oil & Gas confirms summer follow-up drilling plans for Verbier discovery

"We are very pleased to announce that Statoil has contracted the West Phoenix, a sixth generation semi-submersible drilling rig, being the same class of rig that drilled the Verbier discovery well last year, to drill the Verbier appraisal well this summer,” said Andrew Benitz, Jersey chief executive.

“Confirmation of this contract at competitive market rates is in line with our previously announced Capex expectations for 2018 and this appraisal campaign will help determine the potential of our exciting Verbier discovery.

“In parallel with the appraisal well programme on Verbier, we are continuing our exploration activities to fully evaluate the remaining prospectivity of the P.2170 licence area."

Jersey owns an 18% stake in Verbier which following last year’s discovery well is estimated to host between 25mln to 135mln barrels oil equivalent (boe), with the mean set at 69mln boe.

It is expected that the appraisal well will help determine a narrower range of resources.

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