Jersey Oil and Gas PLC 3D Seismic Survey (8537L)
April 24 2018 - 2:00AM
UK Regulatory
TIDMJOG
RNS Number : 8537L
Jersey Oil and Gas PLC
24 April 2018
24 April 2018
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
3D Seismic Survey
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 the co-venturers in
respect of UKCS Licence P.2170 (Blocks 20/5b & 21/1d)
("P.2170"), which contains the Verbier oil discovery and the
Cortina prospect, have committed to pre-fund a 3D seismic survey
over the P.2170 licence area and certain offset acreage (the "Area
of Interest" or "AOI"), which is to be conducted as part of a wider
GeoStreamer MultiClient 3D seismic survey by Petroleum Geo-Services
ASA ("PGS") during Q2 2018 in the Moray Firth area. Delivery of the
final imaged data by PGS from the survey is currently expected in
late Q1 2019.
This pre-funding commitment has enabled Statoil (U.K.) Limited
("Statoil"), as operator of P.2170 and on behalf of the
co-venturers, to have input into PGS' survey design and the
acquisition and processing parameters in order to ensure the
delivery of a high quality dataset, specifically optimised to
advance the interpretation of the Verbier discovery and assessment
of other exploration opportunities within the P.2170 licence
area.
The anticipated timing for delivery of the final imaged data
from PGS will facilitate integration with the results from the
Verbier appraisal well, scheduled for drilling this summer, which,
in a success case, will be an important step for strategic planning
as the project progresses into a potential future development
phase.
The Company's share of the survey costs in respect of the AOI
will be funded from its existing cash reserves, with total Capex
for 2018 now expected to be towards the upper end of the previously
announced range of GBP9 million to GBP11 million.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are delighted to be able to participate in the pre-funding
of PGS' MultiClient 3D Survey with our co-venturers, which allows
us to obtain state-of-the-art, broad-band seismic data at very
favourable rates. We believe this represents an exciting step in
our ongoing evaluation of the P.2170 licence area, with the timely
delivery of the processed data facilitating the potential future
development of the Verbier discovery as well as enhancing our
understanding and evaluation of other drillable prospects in the
greater licensed area, thereby building on our existing knowledge
base gained from last year's successful Verbier discovery
well."
Enquiries:
Jersey Oil and Gas plc Andrew Benitz, C/o Camarco:
CEO Tel: 020 3757
4983
Strand Hanson Limited James Harris Tel: 020 7409
Matthew Chandler 3494
James Bellman
Arden Partners plc Chris Hardie Tel: 020 7614
Benjamin Cryer 5900
BMO Capital Markets Limited Jeremy Low Tel: 020 7236
Neil Haycock 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757
Georgia Edmonds 4983
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 & Gas, a qualified Geologist and Fellow of the Geological
Society, who has over 40 years' relevant experience within the
sector.
Notes to Editors:
Jersey Oil & Gas is a UK E&P Company focused on building
a production-focussed 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, Statoil (U.K.) Limited, owns a
70% interest and CIECO V&C (UK) Limited owns a 12% interest. In
October 2017, the Company announced the Verbier oil discovery, with
initial operator estimates of gross recoverable resources of
between 25 to130 million barrels of oil equivalent. A well, planned
for drilling in summer 2018, has been announced, to appraise the
Verbier discovery.
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 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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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