Jersey Oil and Gas PLC Oil Discovery at Verbier Sidetrack Well 20/05b-13Z (0060T)
October 09 2017 - 2:00AM
UK Regulatory
TIDMJOG
RNS Number : 0060T
Jersey Oil and Gas PLC
09 October 2017
9 October 2017
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Oil Discovery at Verbier Sidetrack Well 20/05b-13Z
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 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.
Preliminary analysis indicates:
-- The well has proven a hydrocarbon accumulation in good
quality sands, up dip of the water bearing sands encountered in the
initial well
-- Evaluation of the well results, together with the existing 3D seismic data is ongoing
-- 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
In 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.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"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."
Jenny Morris, Vice President for Exploration in the UK of
Statoil, commented:
"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."
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 Neil Haycock Tel: 020 7236 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Edmonds
James Crothers
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Ronald Lansdell, Chief Operating Officer of Jersey
Oil and Gas, qualified Geologist and Fellow of the Geological
Society, who has over 40 years' relevant experience within the
sector.
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 & Gas is a UK E&P Company focused on building
a production focused company in the North Sea. The Company owns an
18 per cent. interest in the P.2170 licence, Blocks 20/5b &
21/1d, Inner Moray Firth. Statoil (U.K.) Limited owns a 70%
interest and CIECO V&C (UK) Limited owns a 12% interest.
The Company plans to build a production portfolio via
acquisitions coinciding with the cyclical recovery in the oil price
and the current opportune buying market in the North Sea. The
Company is involved in multiple sales processes and intends to draw
on its management team's considerable 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
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