Jersey Oil and Gas PLC Update re Drilling of the "Verbier" Appraisal Well (9789G)
November 12 2018 - 2:00AM
UK Regulatory
TIDMJOG
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: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614 5900
Benjamin Cryer
BMO Capital Markets Limited Jeremy Low Tel: 020 7236 1010
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 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.
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
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