Jersey Oil and Gas PLC (LON:JOG)

Jersey Oil and Gas PLC (LON:JOG)


Share Price
73.00 p
Change
6 (8.96 %)
Market Cap
£15.94 m
Proactive Investors - Run By Investors For Investors

Jersey Oil and Gas PLC RNS Release

Update re Drilling of the "Verbier" Appraisal Well


RNS Number : 9789G
Jersey Oil and Gas PLC
12 November 2018
 

12 November 2018

 

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

 

Update re 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, announces that it has been advised by Equinor UK Limited ("Equinor"), operator of the P.2170 (Blocks 20/5b & 21/1d) licence area (the "P.2170 licence"), that the timing for operations to commence on the Verbier appraisal well is now expected during Q1 2019.  The West Phoenix rig is currently being utilised, as planned, on the first of four wells in the Equinor operated drilling campaign.

 

The Verbier discovery, in which the Company holds an 18 per cent. interest, is located in Block 20/5b. 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 is to determine the potential volume range in the discovery.

 

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 a production-focused company 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. 

 

The Company plans to build a production 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.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDBBBJTMBMBTLP

Jersey Oil and Gas PLC Timeline

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use