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Jersey Oil and Gas PLC

Jersey Oil & Gas looks forward to Verbier drilling as Equinor picks up rig

The upcoming appraisal drill programme will be a significant potential catalyst for Jersey

oil and gas operations
Verbier is one of three wells to be drilled by Equinor

Jersey Oil & Gas PLC (LON:JOG) told investors that the rig contracted to drill the upcoming Verbier appraisal well will shortly begin a three-well programme for operator Equinor.

Verbier is the third of the three wells in Equinor's schedule.

READ: Jersey Oil & Gas poised for exciting start to 2019

The discovery, successfully drilled in 2017, is estimated to have between 25mln and 130mln barrels oil equivalent, with a mean of 69mln barrels.

“We are pleased to note the Equinor operated UKCS drilling operations have now commenced and look forward to the safe and successful drilling of the upcoming Verbier appraisal well programme,” said Andrew Benitz, Jersey chief executive.

Jersey noted that the budget for the 2019 work programme has been approved, and, its share of the costs will be funded from existing cash resources. Total capital expenditure is anticipated at £7-10mln which includes the Verbier-2 appraisal drilling costs (which moves over to the 2019 financial year from 2018).

It also noted that data processing is underway from a recently completed acquisition programme. Fast-track data was received in December and analysis has started.

Quick facts: Jersey Oil and Gas PLC

Price: £1.77

Market: LSE
Market Cap: £38.69 m
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