Jersey Oil and Gas PLC (LON:JOG)

Jersey Oil and Gas PLC (LON:JOG)


Share Price
68.50 p
Change
0 (0.00 %)
Market Cap
£14.95 m
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Jersey Oil and Gas PLC RNS Release

Drilling of the Verbier Appraisal Well


RNS Number : 6759R
Jersey Oil and Gas PLC
04 March 2019
 

04 March 2019

 

Jersey Oil and Gas plc

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

 

Commencement of 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, is pleased to announce that drilling operations have commenced on well 20/05b-14 on UK Seaward Licence P2170, Blocks 20/5b & 21/1d (the "P2170 Licence") using the semi-submersible rig West Phoenix. Expected total Capex for 2019 remains within the Company's previous guidance.

 

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 programme is to refine the potential volume range in the discovery.

 

The co-venturers in the P2170 Licence and their respective interests are: Equinor UK Limited 70%, JOG 18% and CIECO V&C (UK) Limited 12%.

 

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"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."

 

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 an upstream oil and gas business 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. This licence contains the Verbier oil discovery, with initial operator estimates of gross recoverable resources of between 25 and 130 million barrels of oil equivalent ("mmboe") with an estimated mean of 69mmboe.

 

The Company plans to build an upstream E&P 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.
 
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