Jersey Oil and Gas PLC Drilling of the "Verbier" Appraisal Well Update (5096V)

TIDMJOG

RNS Number : 5096V

Jersey Oil and Gas PLC

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: 020 3757 4983 
 Strand Hanson Limited    James Harris         Tel: 020 7409 3494 
                           Matthew Chandler 
                           James Bellman 
 Arden Partners plc       Chris Hardie         Tel: 020 7614 5900 
                           Benjamin Cryer 
 BMO Capital Markets      Jeremy Low           Tel: 020 7236 1010 
                           Neil Haycock 
                           Tom Rider 
 Camarco                  Billy Clegg          Tel: 020 3757 4983 
                           Georgia Edmonds 
                           James Crothers

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

DRLPGUPGMUPRGBW

(END) Dow Jones Newswires

July 24, 2018 02:00 ET (06:00 GMT)

Jersey Oil and Gas (AQSE:JOG.GB)
Historical Stock Chart
From Oct 2024 to Nov 2024