Proactiveinvestors United Kingdom Jersey Oil and Gas PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Jersey Oil and Gas PLC RSS feed en Mon, 22 Apr 2019 09:31:12 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190418164109_14047051/ Thu, 18 Apr 2019 16:41:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190418164109_14047051/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190418163606_14047033/ Thu, 18 Apr 2019 16:36:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190418163606_14047033/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190418111928_14046526/ Thu, 18 Apr 2019 11:19:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190418111928_14046526/ <![CDATA[RNS press release - Directors Dealings ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190416082204_14042607/ Tue, 16 Apr 2019 08:22:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190416082204_14042607/ <![CDATA[News - Jersey Oil and Gas boss boss tells investors there is “still plenty to play for” at Verbier ]]> https://www.proactiveinvestors.co.uk/companies/news/218549/jersey-oil-and-gas-boss-boss-tells-investors-there-is-still-plenty-to-play-for-at-verbier-218549.html Jersey Oil and Gas PLC (LON:JOG) chief executive Andrew Benitz told investors that there is “still plenty to play for” at the Verbier project, as the rig moves off following an unsuccessful appraisal well.

The well failed to upgrade Verbier’s resource base, with the discovery now believed to host closer to 25mln barrels rather than 130mln, and the company today confirmed it was drilled under budget.

Project operator Equinor will carry out a full re-evaluation of the licence area - using well data and reprocessed seismic – to get a better understanding of the reservoir distribution of the primary target. The review will also include an assessment of additional prospectivity in the deeper targets and the other previously identified exploration opportunities, including Cortina.

READ: London oil stocks are well placed to capitalise on the crude rally

It will be a precursor to a recommendation to the co-venturers on a potential future appraisal and/or exploration programme.

"The appraisal well results were disappointing for us all, however, we believe there is still plenty to play for in terms of both the Verbier discovery and in the remainder of our acreage and we look forward to receiving the new fully processed 3D seismic to help us de-risk the licence further,” Benitz said.

“I am delighted, therefore, that the co-venturers are aligned in implementing the requisite immediate work streams with the objective of assessing potential future appraisal and exploration drilling opportunities on the licence area."

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Mon, 15 Apr 2019 07:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218549/jersey-oil-and-gas-boss-boss-tells-investors-there-is-still-plenty-to-play-for-at-verbier-218549.html
<![CDATA[RNS press release - Verbier Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190415070006_14040296/ Mon, 15 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190415070006_14040296/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190410171633_14036661/ Wed, 10 Apr 2019 17:16:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190410171633_14036661/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190404110546_14029169/ Thu, 04 Apr 2019 11:05:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190404110546_14029169/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190404110025_14029151/ Thu, 04 Apr 2019 11:00:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190404110025_14029151/ <![CDATA[News - Jersey Oil and Gas’s recent share plunge could be overdone, along with other small cap oilers ]]> https://www.proactiveinvestors.co.uk/companies/news/217888/jersey-oil-and-gass-recent-share-plunge-could-be-overdone-along-with-other-small-cap-oilers-217888.html In recent months, several junior oil and gas explorers have turned up disappointing well results that have sent their share prices spiralling downwards.

A recent addition was Jersey Oil and Gas PLC (LON:JOG), which after reporting a dry well from the Verbier project in the North Sea, in which it holds an 18% stake, saw its shares drop 64% on Wednesday morning to 81.5p.

READ: Jersey Oil and Gas still confident in Verbier’s viability despite well disappointment

While the shares have recovered marginally, hovering around 97.5p in late afternoon trading, the company has lost nearly two-thirds of its value.

The result also caps the resource estimate to 25mln barrels of oil equivalent, the very tail end of previous estimates that had predicted a range of between 25mln-130mln.

The lowered estimate is almost certain to have disappointed Equinor, the Norwegian state-backed operator that was taking the lead on Verbier.

However, Jersey isn’t down and out, with chief executive Andrew Benitz saying the company still considered the development “commercially viable”, highlighting that a large part of the mapped area located to the north remained untested and additional resource upside potential was identified in a deeper horizon beneath the Verbier discovery.

While the costs of Verbier haven’t been worked out yet, a Jersey investor presentation back In January gave a baseline estimate that the pre-Verbier appraisal asset value amounted to some US$22mln, whilst at the same time highlighting possible upside cases in the event that the well increased the project’s resource.

So despite the setback, the firm is still sitting on a sizeable discovery.

88 Energy sees more opportunity in Alaska despite Winx-1 disappointment

Another recent faller, 88 Energy PLC (LON:88E) shares dropped 37% to 0.83p on 13 March after a disappointing result from its WInx-1 well in Alaska.

There has been little improvement in the shares since then, as they have mostly kept to that level without any significant swings either way.

READ: 88 Energy outlines Alaska opportunities as farm-out deal moves closer

However, a few days later the firm unveiled that some of its other assets in Alaska seemed much more promising.

On 20 March 88 said that it was closer to a deal with a potential exploration partner for its Icewine project, located in what it says is a “prolific oil-rich province” of the state.

It also recently noted a significant increase in industry activity to the west of Icewine, with ConocoPhillips, the world’s largest independent pure-play exploration and production company, acquiring 3D seismic for a site 15 miles away.

United Oil & Gas diversifies into Benin following Colter well result

United Oil & Gas PLC (LON:UOG) also suffered a tumble after drilling results from the Colter appraisal well off the coast of Bournemouth, in which it has a 10% stake, showed that, while not a complete dud, it wasn’t exactly a slam dunk either.

The shares dropped around 9.5% on 8 March to 3.8p and dipped further over the month before recovering to that same level on 3 April.

However, while not the ‘sure thing’ that many investors had hoped for, the well did confirm that crude was present in its main target and also unearthed oil in a ‘bonus’ discovery, so if companies are able to stump up the more cash it could advance to commercialisation.

READ: United Oil & Gas expands portfolio with ‘potentially transformational’ frontier exploration opportunity in West Africa

UOG also isn’t putting all of its eggs in one basket with Colter, with its portfolio including projects in the North Sea, Italy and Jamaica. Putting it simply, United’s future was never pinned entirely upon what might be found at the bottom of a hole off Bournemouth's shore.

More recently, the firm has expanded its portfolio after inking an option deal which will allow it to acquire a 20% stake in the Bénin Onshore Block B, located in West Africa.

Block B is surrounded by prolific hydrocarbon producing regions, and there are excellent positive indications of a working petroleum system, the company said. It also noted that oil and gas seeps have been reported from water wells within the Block.

A potential snag is that the Block is located in a frontier area, where no wells have been drilled to date, so the company may need to bring in a major player on board to help provide the infrastructure needed to get the oil out of the ground.

This will rely, however, on having a discovery that makes it worth their while.

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Wed, 03 Apr 2019 15:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217888/jersey-oil-and-gass-recent-share-plunge-could-be-overdone-along-with-other-small-cap-oilers-217888.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190403110531_14027296/ Wed, 03 Apr 2019 11:05:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190403110531_14027296/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190403110019_14027287/ Wed, 03 Apr 2019 11:00:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190403110019_14027287/ <![CDATA[News - Jersey Oil and Gas still confident in Verbier’s viability despite well disappointment ]]> https://www.proactiveinvestors.co.uk/companies/news/217831/jersey-oil-and-gas-still-confident-in-verbiers-viability-despite-well-disappointment-217831.html Jersey Oil and Gas PLC (LON:JOG) has revealed results from the Equinor-operated Verbier appraisal well which has failed to deliver the potential upside case for the project.

The well, designed to confirm and upgrade resources, did not encounter the targeted Upper Jurassic sands as anticipated.

It means that the contingent resource estimates for Verbier will now be revised towards the lower end of the initial resource estimate of 25mln barrels oil equivalent, Jersey said.

Consequently, the approach to the discovery’s development will likely also change now, although Jersey told investors that it remains confident that Verbier will be a commercially viable project.

READ: IOG asks investors to play the long game as it raises £16.6mln

It highlighted that a large part of Verbier’s mapped area located to the north remains untested, and, additional resource upside potential was identified in a deeper horizon beneath the Verbier discovery.

Jersey said that this potential will be evaluated via new seismic data and will be considered for future drilling, alongside the nearby Cortina prospect.

"We are both surprised and disappointed by the results of our appraisal well,” said Andrew Benitz, Jersey Oil & Gas chief executive.

“JOG remains confident that Verbier is a commercially viable development project that could be further enhanced by the potential for a new area hub development, together with undeveloped discoveries that sit in close proximity to Verbier.

“Verbier has been a play-opener for JOG and we remain excited about the growth potential surrounding this valuable asset.”

Benitz added that Jersey is well-funded to pursue our growth plans and will continue to assess various acquisition opportunities.

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Wed, 03 Apr 2019 07:32:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217831/jersey-oil-and-gas-still-confident-in-verbiers-viability-despite-well-disappointment-217831.html
<![CDATA[RNS press release - Verbier Appraisal Well Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190403070005_14026388/ Wed, 03 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190403070005_14026388/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190315161323_14004649/ Fri, 15 Mar 2019 16:13:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190315161323_14004649/ <![CDATA[News - Jersey Oil & Gas: Drilling kicks off at new Verbier well ]]> https://www.proactiveinvestors.co.uk/companies/news/215679/jersey-oil--gas-drilling-kicks-off-at-new-verbier-well-215679.html Jersey Oil & Gas plc (LON:JOG) told investors that drilling operations have now begun for the Verbier appraisal well, in the UK North Sea.

The company owns an 18% stake in the well which aims to refine estimates of Verbier’s recoverable resource potential - presently seen in a wide range of 25mln to 130mln barrels - and, potentially, advance the project towards a development scenario.

READ: Jersey Oil & Gas poised for exciting start to 2019 with Verbier well

It anticipates total capex for the well will be within previously stated guidance.

"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," said Andrew Benitz, Jersey Oil & Gas chief executive.

Verbier is being led by Norway’s state-backed operator Equinor (formerly called Statoil) and Jersey holds 18%.

It is located around 100 kilometres offshore, in relative proximity to pipeline infrastructure.

A 2017 exploration well unearthed a substantial oil resource, though presently the volumes are estimated in a broad range of 25mln to 130mln barrels - the gross oil value was estimated up to $1.75bn and a conservative ‘low case’ net estimate saw JOG’s stake worth around £31mln.

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Mon, 04 Mar 2019 07:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215679/jersey-oil--gas-drilling-kicks-off-at-new-verbier-well-215679.html
<![CDATA[RNS press release - Drilling of the Verbier Appraisal Well ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190304070007_13988230/ Mon, 04 Mar 2019 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190304070007_13988230/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190221161004_13977764/ Thu, 21 Feb 2019 16:10:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190221161004_13977764/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190123164733_13944615/ Wed, 23 Jan 2019 16:47:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190123164733_13944615/ <![CDATA[RNS press release - Director's Dealing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117105707_13938279/ Thu, 17 Jan 2019 10:57:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117105707_13938279/ <![CDATA[RNS press release - Grant of Share Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117070005_13937371/ Thu, 17 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190117070005_13937371/ <![CDATA[News - Jersey Oil & Gas looks forward to Verbier drilling as Equinor picks up rig ]]> https://www.proactiveinvestors.co.uk/companies/news/212705/jersey-oil--gas-looks-forward-to-verbier-drilling-as-equinor-picks-up-rig-212705.html Jersey Oil & Gas PLC (LON:JOG) told investors that the rig contracted to drill the upcoming Verbier appraisal well will shortly begin a three-well programme for operator Equinor.

Verbier is the third of the three wells in Equinor's schedule.

READ: Jersey Oil & Gas poised for exciting start to 2019

The discovery, successfully drilled in 2017, is estimated to have between 25mln and 130mln barrels oil equivalent, with a mean of 69mln barrels.

“We are pleased to note the Equinor operated UKCS drilling operations have now commenced and look forward to the safe and successful drilling of the upcoming Verbier appraisal well programme,” said Andrew Benitz, Jersey chief executive.

Jersey noted that the budget for the 2019 work programme has been approved, and, its share of the costs will be funded from existing cash resources. Total capital expenditure is anticipated at £7-10mln which includes the Verbier-2 appraisal drilling costs (which moves over to the 2019 financial year from 2018).

It also noted that data processing is underway from a recently completed acquisition programme. Fast-track data was received in December and analysis has started.

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Wed, 16 Jan 2019 13:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212705/jersey-oil--gas-looks-forward-to-verbier-drilling-as-equinor-picks-up-rig-212705.html
<![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190116131317_13936958/ Wed, 16 Jan 2019 13:13:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20190116131317_13936958/ <![CDATA[News - Jersey Oil & Gas appoints Vicary Gibbs as new chief financial officer ]]> https://www.proactiveinvestors.co.uk/companies/news/209155/jersey-oil-gas-appoints-vicary-gibbs-as-new-chief-financial-officer-209155.html Jersey Oil & Gas Plc (LON:JOG) has hired Vicary Gibbs as its new chief financial officer with immediate effect.

"I am delighted to welcome Vicary to the board and look forward to working with him in the years ahead, leveraging off his considerable experience as we look to grow the business organically with our core Verbier asset as well as continuing to evaluate and pursue accretive North Sea-focused acquisition opportunities,” said Marcus Stanton, Jersey chairman.

READ: Jersey Oil & Gas poised for exciting start to 2019 with new Verbier well

At the same time, Scott Richardson Brown has stepped down from his current role with immediate effect, in order to focus on his other directorships and business interests.

Stanton added: "I would like to take this opportunity to thank Scott for his contribution to the Company's development, as we transitioned through the restructuring of Trap Oil into Jersey Oil & Gas, followed by the successful Verbier oil discovery.”

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Wed, 14 Nov 2018 07:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209155/jersey-oil-gas-appoints-vicary-gibbs-as-new-chief-financial-officer-209155.html
<![CDATA[RNS press release - Directorate Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181114070004_13865877/ Wed, 14 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181114070004_13865877/ <![CDATA[News - Jersey Oil and Gas’s Verbier appraisal well now anticipated in Q1 2019 ]]> https://www.proactiveinvestors.co.uk/companies/news/208986/jersey-oil-and-gass-verbier-appraisal-well-now-anticipated-in-q1-2019-208986.html Jersey Oil and Gas PLC (LON:JOG) has been informed that the Verbier appraisal well will now likely be drilled in the first quarter of 2019, rather than in the current quarter.

Verbier is due to be the second well in a four-well drill programme operated by Equinor (formerly known as Statoil).

READ: Jersey Oil & Gas “very excited” as Verbier drilling approaches

It is to be an appraisal follow-up to a successful exploration well from 2017. It aims to de-risk a proposed field development, prove up additional oil resources and narrow the current resource range of 25mln to 130mln barrels.

The estimated mean resource estimate stands at 69mln barrels oil equivalent.

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Mon, 12 Nov 2018 07:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208986/jersey-oil-and-gass-verbier-appraisal-well-now-anticipated-in-q1-2019-208986.html
<![CDATA[RNS press release - Update re Drilling of the "Verbier" Appraisal Well ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181112070005_13862526/ Mon, 12 Nov 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20181112070005_13862526/ <![CDATA[News - Jersey Oil & Gas poised for exciting start to 2019 with new Verbier well ]]> https://www.proactiveinvestors.co.uk/companies/news/208730/jersey-oil-gas-poised-for-exciting-start-to-2019-with-new-verbier-well-208730.html It is undoubtedly an important time for Jersey Oil & Gas PLC (LON:JOG) and its key asset, the Verbier discovery in the North Sea.

Discovered just over a year ago, Verbier has quickly become Jersey’s core asset.

Jersey will give an investor presentation in Dublin this month, to attend sign up here

In early 2019, new drilling is expected to take forward the asset.

Verbier is being led by Norway’s state-backed operator Equinor (formerly called Statoil) and Jersey holds 18%. It is located around 100 kilometres offshore, in relative proximity to pipeline infrastructure.

The 2017 exploration well unearthed a substantial oil resource, though presently the volumes are estimated in a broad range of 25mln to 130mln barrels - the gross oil value was estimated up to $1.75bn and a conservative ‘low case’ net estimate saw JOG’s stake worth around £31mln.

A new well slated to start in the coming weeks will aim to appraise the discovery, which if successful will lift and narrow the current resource estimates and valuations.

Practically, the well could set Verbier on a path to production.

Importantly for Jersey, valued in the market at about £40mln, the AIM-quoted firm’s share of exploration costs have been partially covered, thanks to a farm-out deal agreed with Statoil in summer 2016.

Jersey’s contribution to the appraisal programme has been estimated up to around £11mln, which could be recouped in multiples if the well proves successful. At the end of June, the company had £22.1mln of cash.

To put the proposition into context, Jersey’s ‘high case’ modelling in the event that the appraisal is successful would deliver nearly £200mln of potential value net to the company.

On paper, a potential field development would potentially begin in 2022, with peak daily output projected between 55,000 and 65,000 barrels of oil per day.

"Management remain very excited by the investment case and continue to believe that there is significant value potential for shareholders in the event of a successful outcome on the Verbier appraisal well programme and, importantly, in the additional opportunity set in this prolific part of the Central North Sea," chief executive Andrew Benitz said in September.

Jersey chief executive Andrew Benitz is due to meet investors and deliver a presentation at the Proactive Investors One2One Investor Forum on November 22 at The Spencer Hotel, IFSC, Dublin.

To attend, register your place at the event here

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Wed, 07 Nov 2018 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208730/jersey-oil-gas-poised-for-exciting-start-to-2019-with-new-verbier-well-208730.html
<![CDATA[News - Jersey Oil & Gas “very excited” as Verbier drilling approaches ]]> https://www.proactiveinvestors.co.uk/companies/news/205312/jersey-oil-gas-very-excited-as-verbier-drilling-approaches-205312.html Jersey Oil & Gas Plc (LON:JOG) chief executive Andrew Benitz said he is “very excited” over the prospects for the company’s key Verbier asset as partner and project operator Statoil advances an appraisal programme.

Verbier was discovered with an exploration well almost a year ago, and, Statoil has subsequently put in place plans for a follow-up programme. Statoil has secured regulatory approval and has awarded contracts for the well, scheduled for the fourth quarter of this year.

Jersey is fully-fund for its share of the programme’s costs, ending the first half with £22.1mln of cash.

READ: Jersey Oil & Gas expects Verbier appraisal towards end of 2018

Current estimates put Jersey’s share of the cost in the range of £9-11mln, with only £7-8mln likely to be incurred during the 2018 financial year.

"It is encouraging to note the progress that is being made on our flagship asset and it is evident from the appraisal work programme that we have announced, that our co-venturers in P2170 collectively see significant potential across our area of interest,” Benitz said in Jersey’s financial results statement for the first half.

"Management remain very excited by the investment case and continue to believe that there is significant value potential for shareholders in the event of a successful outcome on the Verbier appraisal well programme and, importantly, in the additional opportunity set in this prolific part of the Central North Sea."

In terms of financials, the pre-revenue explorer reported a £857,455 loss for the six months to June 30.

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Thu, 20 Sep 2018 09:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205312/jersey-oil-gas-very-excited-as-verbier-drilling-approaches-205312.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180920070013_13797534/ Thu, 20 Sep 2018 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180920070013_13797534/ <![CDATA[News - Jersey Oil expects Verbier appraisal towards end of 2018 ]]> https://www.proactiveinvestors.co.uk/companies/news/201407/jersey-oil-expects-verbier-appraisal-towards-end-of-2018-201407.html Jersey Oil & Gas (LON:JOG) has been advised that drilling of the Verbier Well in the UK Continental Shelf region of the North Sea has been pushed back a few months.

Originally, the plan was to drill the appraisal well this quarter, but operator Equinor (the new name for Statoil) says Verbier will now be the third well in a UK drilling campaign using the West Phoenix rig as opposed to the first.

READ: All eyes on Jersey Oil & Gas’s upcoming appraisal well at Verbier

Drilling is now expected towards the end of 2018, though the delay is not expected to result in any change in the well budget.

Jersey has an 18% stake in Verbier, where initial estimates are for 25 and 130mln barrels of oil equivalent.

The purpose of the planned appraisal well is to determine the potential volume range in the discovery, said the statement.

Andrew Benitz, Jersey’s chief executive, added the well is still within previously advised capex guidance.

West Phoenix is a semi-submersible rig designed for drilling in harsh climatic environments.

 

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Tue, 24 Jul 2018 07:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201407/jersey-oil-expects-verbier-appraisal-towards-end-of-2018-201407.html
<![CDATA[RNS press release - Drilling of the "Verbier" Appraisal Well Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180724070006_13728355/ Tue, 24 Jul 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180724070006_13728355/ <![CDATA[News - 3D seismic survey completed over Jersey Oil & Gas' Verbier discovery ]]> https://www.proactiveinvestors.co.uk/companies/news/199760/3d-seismic-survey-completed-over-jersey-oil-gas-verbier-discovery-199760.html 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.

READ: All eyes on Jersey’s upcoming appraisal well at Verbier

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.

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Thu, 28 Jun 2018 08:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199760/3d-seismic-survey-completed-over-jersey-oil-gas-verbier-discovery-199760.html
<![CDATA[RNS press release - Completion of 3D Seismic Survey ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180628070009_13696602/ Thu, 28 Jun 2018 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180628070009_13696602/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524152025_13654605/ Thu, 24 May 2018 15:20:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524152025_13654605/ <![CDATA[RNS press release - Withdrawal of Special Resolution ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524072759_13653259/ Thu, 24 May 2018 07:27:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180524072759_13653259/ <![CDATA[RNS press release - Posting of 2017 Annual Report and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426141235_13620372/ Thu, 26 Apr 2018 14:12:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426141235_13620372/ <![CDATA[News - All eyes on Jersey Oil & Gas’s upcoming appraisal well at Verbier ]]> https://www.proactiveinvestors.co.uk/companies/news/195826/all-eyes-on-jersey-oil-gass-upcoming-appraisal-well-at-verbier-195826.html As Jersey Oil & Gas Plc (LON:JOG) releases financial results for 2017 all attentions are fixed on the follow-up drilling planned for the Verbier discovery later this year.

An appraisal well is planned by project operator Statoil to further test Verbier this summer, and it is described by Jersey as exciting near-term activity.

Verbier was discovered during the reporting period, the twelve months ended December 31, and it has been estimated to host up to 130mln barrels of oil equivalent resources.

WATCH: Jersey Oil & Gas's Benitz: North Sea an exciting place to explore again

Among other things, the upcoming appraisal well will provide clearer insight into the discovery’s potential scale and commercial merits.

“Our exploration drilling programme on our highly exciting Verbier prospect in October delivered a stand out discovery in the North Sea which we look forward to appraising this summer,” said Andrew Benitz, Jersey chief executive.

“Our successful fundraising in October has meant that the Company is well funded for the upcoming work programme on the P2170 licence."

Jersey owns 18% of Verbier and it has quickly become the company’s most significant asset.

Separate farm-out deals with Statoil and co-venturer CIECO meant Jersey was carried for US$27.4mln of the Verbier drilling costs.

In November, the AIM-quoted company raised £23.8mln of new capital, and it ended 2017 with £25.4mln of cash and had no debt.

The pre-revenue group reported a £726,000 profit for the year, due to a reimbursement of costs via the farm-out.

On top of the Verbier appraisal, the exploration partners recently committed to pre-fund a 3D seismic survey covering the licence area, examining the Verbier discovery area as well as the Cortina follow-on exploration prospect. The programme is expected to produce its final data in the first quarter of 2019.

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Thu, 26 Apr 2018 08:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195826/all-eyes-on-jersey-oil-gass-upcoming-appraisal-well-at-verbier-195826.html
<![CDATA[RNS press release - Final Results for the year ended 31 December 2017 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426070007_13619051/ Thu, 26 Apr 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180426070007_13619051/ <![CDATA[Media files - Jersey Oil & Gas's Benitz: North Sea an exciting place to explore again ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9146/jersey-oil-gas-s-benitz-north-sea-an-exciting-place-to-explore-again-9146.html Wed, 25 Apr 2018 16:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9146/jersey-oil-gas-s-benitz-north-sea-an-exciting-place-to-explore-again-9146.html <![CDATA[News - Jersey Oil and Gas commits to new North Sea seismic programme ]]> https://www.proactiveinvestors.co.uk/companies/news/195628/jersey-oil-and-gas-commits-to-new-north-sea-seismic-programme-195628.html Jersey Oil and Gas PLC (LON:JOG) has told investors that its joint venture with Statoil has committed to pre-fund a multi-client 3D seismic survey which will include its acreage in the North Sea.

The survey will cover the group’s 12%-owned Verbier discovery and Cortina prospect, as well as an additional area of interest (AOI). It is expected that the delivery of the final imaged data will happen in ‘late Q1’ in 2019.

Data gathered through the survey will be integrated with the data from Verbier, where an appraisal well is planned for this summer.

READ: Jersey Oil & Gas looks forward to new Verbier

The company said in a statement that its share of the costs relating to the AOI will be covered from existing cash reserves, and added that total capex for 2018 is now anticipated ‘towards the upper end’ of the previous guidance range, between £9mln and £11mln.

"We are delighted to be able to participate in the pre-funding of PGS' multiclient 3D survey with our co-venturers, which allows us to obtain state-of-the-art, broad-band seismic data at very favourable rates,” said Andrew Benitz, Jersey chief executive.

“We believe this represents an exciting step in our ongoing evaluation of the P.2170 licence area, with the timely delivery of the processed data facilitating the potential future development of the Verbier discovery as well as enhancing our understanding and evaluation of other drillable prospects in the greater licensed area, thereby building on our existing knowledge base gained from last year's successful Verbier discovery well."

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Tue, 24 Apr 2018 07:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195628/jersey-oil-and-gas-commits-to-new-north-sea-seismic-programme-195628.html
<![CDATA[RNS press release - 3D Seismic Survey ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180424070006_13615460/ Tue, 24 Apr 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180424070006_13615460/ <![CDATA[RNS press release - Director's Dealing ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180313123414_13565219/ Tue, 13 Mar 2018 12:34:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180313123414_13565219/ <![CDATA[News - Jersey Oil & Gas’s Verbier discovery is a “big company asset” - analyst ]]> https://www.proactiveinvestors.co.uk/companies/news/192516/jersey-oil-gass-verbier-discovery-is-a-big-company-asset-analyst-192516.html Jersey Oil & Gas Plc’s (LON:JOG) Verbier discovery is a “big company asset”, according to stockbroker WH Ireland, which has issued a note after operator Statoil hired a rig for a new well.

While the North Sea find may be a ‘big company asset’, analyst Brendan Long also highlighted that via its 18% stake Jersey offers investors the significant kind of upside often associated with ‘small companies’.

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

Verbier was discovered quite recently, with a well in the second half of 2017, and Statoil is making rapid progress with an appraisal well now due this summer.

“We believe the pace being set by Statoil clearly indicates that Verbier is a high-priority within that company’s global suite of assets,” Long said.

Based on the discovery well data Verbier has so far been estimated to host between 25mln to 135mln barrels oil equivalent (boe), with the mean set at 69mln boe.

The plan is for the appraisal drilling to help determine a narrower range of resources.

“The high-low range of uncertainty is quite large for a discovered oil field benefiting from 3D-seismic and a successful well penetration. This reflects the partly stratigraphic nature of the field,” Long said.

“We believe that the first appraisal well will be drilled to the north of the discovery well (sidetrack well 20/05b-13z) and that if successful it would increase the bottom of the high-low range by bringing it closer to the mid-case estimate.”

He added: “A decision to drill a sidetrack well in 2018 will be made after the results of the first appraisal well are known while the rig is still on location (essentially a second appraisal well).

“This would likely be to test the full upside potential of the reservoir. No precise well locations have been disclosed.”

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Fri, 02 Mar 2018 11:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192516/jersey-oil-gass-verbier-discovery-is-a-big-company-asset-analyst-192516.html
<![CDATA[News - Jersey Oil & Gas looks forward to new Verbier well as Statoil signs up rig ]]> https://www.proactiveinvestors.co.uk/companies/news/192427/jersey-oil-gas-looks-forward-to-new-verbier-well-as-statoil-signs-up-rig-192427.html 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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Thu, 01 Mar 2018 11:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192427/jersey-oil-gas-looks-forward-to-new-verbier-well-as-statoil-signs-up-rig-192427.html
<![CDATA[RNS press release - Rig Contract Signed ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180301100849_13550981/ Thu, 01 Mar 2018 10:08:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180301100849_13550981/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180201180845_13518948/ Thu, 01 Feb 2018 18:08:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180201180845_13518948/ <![CDATA[News - Jersey Oil & Gas confirms summer follow-up drilling plans for Verbier discovery ]]> https://www.proactiveinvestors.co.uk/companies/news/190736/jersey-oil-gas-confirms-summer-follow-up-drilling-plans-for-verbier-discovery-190736.html Jersey Oil & Gas Plc (LON:JOG) has told investors that a follow on to the Verbier discovery well is planned for this summer.

The company said in a statement that the co-venturers ( led by project operator Statoil) have now approved a work programme and budget for 2018, and it includes an appraisal of the Verbier oil discovery.

Negotiations are presently advanced for the contracting a drilling rig for the new Verbier programme, JOG said.

READ: Jersey Oil and Gas confirmed it has raised £20mln in share placing

The company added that the programme is planned to comprise one appraisal well, plus an option for a sidetrack well.

JOG’s share of the work programme will be funded from existing cash reserves which amounted to £25mln at the end of December (a capital budget of £9mln to £11mln is envisaged for the year).

"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,” said JOG chief executive Andrew Benitz.

READ: North Sea oil firms boosted as Chancellor announces raft of tax breaks to spur investment

He added: "We look forward to updating our shareholders in due course as drilling plans and further exploration activity progresses."

JOG owns a 12% stake in Verbier, where Statoil’s initial estimates have put the gross recoverable resources at some 69mln barrels oil equivalent (mean) – the estimates range from 25mln to 130mln barrels.

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Mon, 29 Jan 2018 08:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190736/jersey-oil-gas-confirms-summer-follow-up-drilling-plans-for-verbier-discovery-190736.html
<![CDATA[RNS press release - Grant of Share Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129073001_13512377/ Mon, 29 Jan 2018 07:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129073001_13512377/ <![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129070005_13512037/ Mon, 29 Jan 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3805/LSE20180129070005_13512037/