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Jersey Oil and Gas unearths Wengen prospect, eyes 2022 exploration campaign

The Greater Buchan Area now has four drill-ready prospects to go with the discoveries that are already slated for development

Jersey Oil and Gas PLC - Jersey Oil and Gas unearths Wengen prospect, eyes 2022 exploration campaign

Jersey Oil and Gas PLC (LON:JOG) has highlighted the findings of a new sub-surface evaluation which has uncovered a new prospect.

The prospect, named Wengen, located in Licence P2170, is position directly west of the Tweedsmuir field and has been estimated to host some 62mln barrels of potential resources (P50), with the probabilistic range set at 31mln barrels at P90 (higher confidence) and 162mln for P10 (lower confidence). Probability of geological success is seen as 22% for the prospect.

Jersey now has four ‘drill-ready’ prospects – namely Verbier Deep, Cortina NE, Wengen and Zermatt. Together these prospects are estimated to host some 222mln barrels of P50 prospective resources.

READ: JOG takes full ownership of Verbier

An exploration drilling campaign is being planned for 2022 with any successes envisaged as tie-backs to the proposed facility in the Greater Buchan Area field development.

"Our latest subsurface work has further detailed the significant value within the wider Greater Buchan Area,” said Andrew Benitz, Jersey O&G chief executive in a statement.

“These highly attractive, drill-ready exploration prospects are in the immediate vicinity of our planned GBA production facility and, as a result, a discovery at any one of these prospects would have the potential to extend the GBA production plateau and further enhance shareholder value. 

“We look forward to progressing a drilling campaign post a successful conclusion to our upcoming GBA sales process," he added.

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Price: 122 GBX

LSE:JOG
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Market Cap: £26.63 m
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on 15/10/20

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