logo-loader
Jersey Oil and Gas PLC

Jersey Oil and Gas boss boss tells investors there is “still plenty to play for” at Verbier

Norwegian oil giant Equnior will now be reviewing the project data to evaluate future potential and possible work options

oil and gas operations
After the disappointment Verbier is seen closer to holding 25mln than 130mln barrels of oil

Jersey Oil and Gas PLC (LON:JOG) chief executive Andrew Benitz told investors that there is “still plenty to play for” at the Verbier project, as the rig moves off following an unsuccessful appraisal well.

The well failed to upgrade Verbier’s resource base, with the discovery now believed to host closer to 25mln barrels rather than 130mln, and the company today confirmed it was drilled under budget.

Project operator Equinor will carry out a full re-evaluation of the licence area - using well data and reprocessed seismic – to get a better understanding of the reservoir distribution of the primary target. The review will also include an assessment of additional prospectivity in the deeper targets and the other previously identified exploration opportunities, including Cortina.

READ: London oil stocks are well placed to capitalise on the crude rally

It will be a precursor to a recommendation to the co-venturers on a potential future appraisal and/or exploration programme.

"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,” Benitz said.

“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."

Quick facts: Jersey Oil and Gas PLC

Price: £1.76

Market: LSE
Market Cap: £38.42 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Jersey Oil and Gas PLC named herein, including the promotion by the Company of Jersey Oil and Gas PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Jersey Oil and Gas awarded significant North Sea acreage

Top stories from the Proactive Investors UK newsroom. Digital learning specialising Learning Technologies (LON:LTG)  says half year interim profits were ahead of expectations and more than doubled to £20mln. Directors are confident the full year result will also be materially ahead of...

4 weeks, 1 day ago

2 min read