07:00 Mon 29 Jan 2018
Jersey Oil & Gas PLC - Operational Update
29 January 2018
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Operational Update
Negotiations are advanced with respect to contracting a rig for the Verbier appraisal well programme, which plans for one well and an option for a sidetrack well, to be drilled in summer 2018.
The Company's share of the work programme will be funded from its existing cash reserves. Further to the successful fundraising completed in
"We are pleased with the progress being made on the post-discovery technical work being undertaken by the P.2170 joint venture partnership and that plans to appraise the Verbier oil discovery have been confirmed. As noted previously, 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.
"We look forward to updating our shareholders in due course as drilling plans and further exploration activity progresses."
Enquiries:
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C/o Camarco: Tel: 020 3757 4983 |
Strand |
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Tel: 020 7409 3494 |
Arden Partners plc |
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Tel: 020 7614 5900 |
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Tel: 020 7236 1010 |
Camarco |
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Tel: 020 3757 4983 |
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by
Notes to Editors:
The Company plans to build a production portfolio via acquisitions coinciding with the cyclical recovery in the oil price and the current opportune buying market in the
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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