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 the West Phoenix semi-submersible rig which drilled the 20/05b-14 Verbier appraisal well has now moved off location. The well was drilled safely and below budget.
JOG is pleased to advise that Equinor UK Limited ("Equinor"), as the committed operator of the P2170 Licence, has confirmed to the co-venturers that it will complete the already planned full re-evaluation of the licence area, combining the recent appraisal well results and data collected during operations with the fully processed 3D broadband seismic data, acquired in 2018 and which is expected to be delivered in June 2019, in order to better understand the reservoir distribution of the primary target. The evaluation will also include an assessment of additional prospectivity in the deeper targets and the other previously identified exploration opportunities, including Cortina, before making a recommendation to the co-venturers on a potential future appraisal/exploration programme.
The co-venturers in the P2170 Licence and their respective interests are: Equinor 70%, JOG 18% and CIECO V&C (UK) Limited 12%.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"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. 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."
Jersey Oil and Gas plc
Andrew Benitz, CEO
Tel: 020 3757 4983
Strand Hanson Limited
Tel: 020 7409 3494
Arden Partners plc
Tel: 020 7614 5900
BMO Capital Markets Limited
Tel: 020 7236 1010
Tel: 020 3757 4983
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Ronald Lansdell, Chief Operating Officer of Jersey Oil & Gas, a qualified Geologist and Fellow of the Geological Society, who has over 40 years' relevant experience within the sector.
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.
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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