Drilling of the "Verbier" Appraisal Well Update

RNS Number : 5096V

Jersey Oil and Gas PLC

24 July 2018

 

24 July 2018

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Drilling of the "Verbier" Appraisal Well Update

Jersey 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 Verbier appraisal well with the possibility of a sidetrack well will now likely be the third well in the sequence for the UK drilling campaign with the contracted West Phoenix rig as opposed to the first. The most likely timing of the Verbier appraisal well is now expected to be mid to late Q4 2018, rather than late Q3 to early Q4 as previously advised. This delay to the drilling of the well is not expected to result in any change in the well budget.

The 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.

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"We look forward to drilling the Verbier appraisal well within our previously advised capex guidance using the sixth generation semi-submersible rig West Phoenix, which is designed for drilling in harsh climatic environments."

Enquiries:

Jersey Oil and Gas plc	Andrew Benitz, CEO	C/o Camarco: Tel: [phone]
Strand Hanson Limited	James Harris Matthew Chandler James Bellman	Tel: [phone]
Arden Partners plc	Chris Hardie Benjamin Cryer	Tel: [phone]
BMO Capital Markets	Jeremy Low Neil Haycock Tom Rider	Tel: [phone]
Camarco	Billy Clegg Georgia Edmonds  James Crothers	Tel: [phone]

Notes to Editors:

Jersey 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 P.2170 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.

The Company plans to build a major production portfolio via acquisitions coinciding with the cyclical recovery in oil price and the opportune buying market available in the North Sea. The Company is involved in multiple sales processes and intends to draw on its management team's experience, knowledge and expertise to deliver shareholder value from its stated production acquisition strategy.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

 

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