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Jersey Oil and Gas: Rig mobilisation starts countdown for Verbier exploration well

Drilling is due to start in August, with the programme slated to take 30-70 days.

Spitsbergen offshore drilling rig
Statoil is paying the first US$25mln of drilling costs

The countdown is on for Jersey Oil and Gas PLC’s (LON:JOG) high impact summer exploration programme in the North Sea.

In a statement, Jersey has confirmed that the Transocean Spitsbergen rig has been mobilised for a three well programme under contract with Statoil.

Statoil is the operator of Verbier (Jersey owns 18%) and the drilling of the exploration well is scheduled to start in August.

WATCH: Jersey Oil & Gas' Andrew Benitz 'delighted' with rig mobilisation for Verbier drilling

It is anticipated that Verbier will have a 30-70 day programme and there’s potential for a side-track to be drilled in the well, depending upon results.

Statoil is committed to funding all the well costs, up to US$25mln, and Jersey benefits from a further 10% ‘carry’ from a separate arrangement with CIECO Exploration and Production (its other joint venture partner).

"We are delighted to announce that Statoil has now mobilised the rig, Transocean Spitsbergen, which is currently expected to commence drilling the Verbier prospect during August,” said Andrew Benitz, Jersey chief executive.

“The drilling of a well to test the Verbier prospect is the culmination of a great deal of technical work and operational planning by the Verbier joint venture partnership, and we are grateful for the support received from our shareholders during this time.”


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Price: 137.5 GBX

Market: LSE
Market Cap: £30.02 m

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