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Oil Discovery at Verbier Sidetrack Well 20/05b-13Z
Oil Discovery at Verbier Sidetrack Well 20/05b-13Z.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 0060T Jersey Oil and Gas PLC 09 October 2017 \n\n9 October 2017\n \nJersey Oil and Gas plc\n(\"Jersey Oil & Gas\", \"JOG\" or the \"Company\")\n \nOil Discovery at Verbier Sidetrack Well 20/05b-13Z\n \n \nJersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf (\"UKCS\") region of the North Sea, is pleased to announce an oil discovery in the Verbier sidetrack well, 20/05b-13Z. The well has been drilled safely and within budget to the planned total depth of 3811m and a suite of log data has been acquired via Logging While Drilling (\"LWD\"), including pressure data. \n \nPreliminary analysis indicates:\n· The well has proven a hydrocarbon accumulation in good quality sands, up dip of the water bearing sands encountered in the initial well\n· Evaluation of the well results, together with the existing 3D seismic data is ongoing\n· Initial Operator estimates of gross recoverable resources associated with the Verbier discovery are between 25 and 130 million barrels of oil equivalent, with a minimum proven recoverable volume in the immediate vicinity of the wellbore of 25 million barrels of oil equivalent\n \nIn addition to confirming the presence of oil in the Verbier prospect, this discovery provides valuable information to help better understand the prospectivity of the licence area, which includes the Cortina prospect and the Meribel lead. JOG holds an 18% working interest in the licence.\n \nAndrew Benitz, CEO of Jersey Oil & Gas, commented:\n\"We are delighted by the positive outcome of the Verbier sidetrack. The well has achieved its objective by encountering good quality, hydrocarbon-bearing sands, up dip from the initial well with the results exceeding pre drill expectations for the sidetrack.\"\nJenny Morris, Vice President for Exploration in the UK of Statoil, commented:\n\"The results show that we made the right decision to sidetrack the well and this discovery proves that there could be significant remaining potential in this mature basin… we are convinced of the remaining, high-value potential on the UK continental shelf and the Verbier result certainly gives us the confidence and determination to continue our exploration efforts....