Jersey Oil & Gas PLC (LON:JOG) has told investors that the 3D seismic survey over the P.2170 licence area, which covers the Verbier discovery and Cortina prospect, has been completed.
The AIM-quoted firm expects to receive the final imaged data from Petroleum Geo-Services in the first quarter of 2019.
Jersey said this data, as well as the results from the upcoming Verbier appraisal well – due to be drilled later this year – will help it to figure out how best to progress the project into a potential future development phase.
“We look forward to achieving a comprehensive update of our geological and geophysical understanding of the greater P.2170 licence area, integrating the results of the forthcoming Verbier appraisal well with the PGS newly acquired, high quality 3D dataset,” said chief executive Andrew Benitz.
“The information to be derived from the appraisal well, together with the new 3D data, will be an important step towards the potential future development of the Verbier discovery and will facilitate our evaluation of other drillable prospects in the P.2170 licence area.”
Jersey owns 18% of Verbier and it has quickly become the company’s most significant asset. It was discovered last October and is estimated to host up to 130mln barrels of oil equivalent.
Separate farm-out deals with Statoil and co-venturer CIECO meant Jersey was carried for US$27.4mln of the Verbier drilling costs.