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Jersey Oil and Gas commits to new North Sea seismic programme

The explorer's 12%-owned Verbier discovery will be included in the seismic programme, which will also capture the Cortina prospect and other areas
oil and gas operations
A Verbier appraisal well is planned this summer

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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