Jersey Oil and Gas PLC Rig Contract Signed for Drilling of "Verbier" (5452B)
April 04 2017 - 7:06AM
UK Regulatory
TIDMJOG
RNS Number : 5452B
Jersey Oil and Gas PLC
04 April 2017
4 April 2017
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Rig Contract Signed for Drilling of the "Verbier" Prospect in
Summer 2017
Jersey 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 that Statoil (U.K.) Limited
("Statoil"), operator of UK Seaward Licence P.2170, Blocks 20/5b
& 21/1d (the "P.2170 Licence"), has awarded a contract to
Transocean Drilling UK Limited ("Transocean") for the
semisubmersible rig Transocean Spitsbergen. The Transocean
Spitsbergen rig will drill the Verbier prospect on the P.2170
licence in the Central North Sea.
The Verbier well will be part of a Statoil operated three well
drilling programme, with the Verbier well planned to be drilled in
summer 2017.
The Verbier prospect in which the Company holds an 18 per cent.
interest, is located in Blocks 20/5b & 21/1d. The recently
announced Competent Person's Report ("CPR") undertaken by ERC
Equipoise Ltd ("ERCE"), estimated gross mean Prospective Resources
attributable to the P.2170 Licence to be 162 MMboe for the Verbier
prospect.
Statoil will fund all costs up to US$25 million in respect of
the Verbier well in addition to which JOG benefits from an
additional carry of 10 per cent. from co-venturer CIECO Exploration
and Production (UK) Limited ("CIECO") in respect of the well
programme related costs.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are very pleased to announce that Statoil has contracted the
rig, Transocean Spitsbergen, to drill the Verbier prospect in
summer of this year. Confirmation of this contract is the
culmination of a great deal of technical work by the Joint Venture
partnership and we are grateful for the support received from our
shareholders during this time."
Enquiries:
Jersey Oil and Andrew Benitz, C/o Camarco:
Gas plc CEO Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners Chris Hardie Tel: 020 7614 5900
plc Benjamin Cryer
BMO Capital Markets Vicary Gibbs Tel: 020 7236 1010
Neil Haycock
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Edmonds
James Crothers
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.
Notes to Editors:
Jersey Oil and Gas is a UK E&P Company focused on the North
Sea. The company owns an 18% interest in the P.2170 licence, Blocks
20/5b &21/1d, Inner Moray Firth, where it is participating in a
Statoil funded and operated exploration well on the Verbier
prospect in summer 2017. A recent Competent Persons Report, carried
out by ERC Equipoise ltd suggests the Verbier prospect to contain
162MMboe gross mean prospective resources. The licence also
contains the Cortina prospect (124mmboe gross mean prospective
resources) and Meribel lead which are both Upper Jurassic targets
like Verbier.
The company plans to potentially build a major production
portfolio via acquisitions coinciding with the cyclical recovery in
the 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFZLFBDZFBBBX
(END) Dow Jones Newswires
April 04, 2017 07:06 ET (11:06 GMT)
Jersey Oil and Gas (AQSE:JOG.GB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Jersey Oil and Gas (AQSE:JOG.GB)
Historical Stock Chart
From Sep 2023 to Sep 2024