Update re Drilling of the "Verbier" Appraisal Well

RNS Number : 9789G

Jersey Oil and Gas PLC

12 November 2018

 

12 November 2018

Jersey Oil and Gas plc

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

Update re Drilling of the "Verbier" Appraisal Well

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 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.

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.

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	Paul Shackleton Benjamin Cryer	Tel: [phone]
BMO Capital Markets Limited	Jeremy Low 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 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. 

The 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 acquisition opportunities and intends to draw on its management team's considerable experience, knowledge and expertise to deliver shareholder value from its stated growth 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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