Business
Update re Drilling of the "Verbier" Appraisal Well
Update re Drilling of the "Verbier" Appraisal Well.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 9789G Jersey Oil and Gas PLC 12 November 2018 \n\n12 November 2018\n \nJersey Oil and Gas plc\n(\"Jersey Oil & Gas\", \"JOG\" or the \"Company\")\n \nUpdate re Drilling of the \"Verbier\" Appraisal Well\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, announces that it has been advised by Equinor UK Limited (\"Equinor\"), operator of the P.2170 (Blocks 20/5b & 21/1d) licence area (the \"P.2170 licence\"), that the timing for operations to commence on the Verbier appraisal well is now expected during Q1 2019. The West Phoenix rig is currently being utilised, as planned, on the first of four wells in the Equinor operated drilling campaign. \n \nThe Verbier discovery, in which the Company holds an 18 per cent. interest, is located in Block 20/5b. Initial operator estimates of gross recoverable resources associated with the Verbier discovery are between 25 and 130 million barrels of oil equivalent (\"mmboe\") with an estimated mean of 69mmboe. The purpose of the planned appraisal well is to determine the potential volume range in the discovery.\n \nEnquiries:\n\n\n\nJersey Oil and Gas plc\n \n\n\nAndrew Benitz, CEO \n\n\nC/o Camarco: \nTel: 020 3757 4983\n\n\n\n\nStrand Hanson Limited\n\n\nJames Harris\nMatthew Chandler\nJames Bellman\n\n\nTel: 020 7409 3494\n\n\n\n\nArden Partners plc\n\n\nPaul Shackleton\nBenjamin Cryer\n\n\nTel: 020 7614 5900\n\n\n\n\nBMO Capital Markets Limited\n\n\nJeremy Low\nTom Rider\n\n\nTel: 020 7236 1010\n\n\n\n\nCamarco\n\n\nBilly Clegg\nGeorgia Edmonds \nJames Crothers\n\n\nTel: 020 3757 4983\n\n\n\n \n \nNotes to Editors:\n \nJersey Oil & Gas is a UK E&P company focused on building a production-focused company in the North Sea. The Company owns an 18% interest in the P2170 licence, Blocks 20/5b & 21/1d, Outer Moray Firth, in which the operator, Equinor UK Limited, owns a 70% interest and CIECO V&C (UK) Limited owns a 12% interest. \n \nThe Company plans to build a production portfolio via both organic development and acquisitions coinciding with the cyclical recovery in the oil price and the opportune buying market in the North Sea. The Company is involved in multiple acq...