Jersey Oil and Gas PLC Operational Update (2776N)
January 16 2019 - 8:13AM
UK Regulatory
TIDMJOG
RNS Number : 2776N
Jersey Oil and Gas PLC
16 January 2019
16 January 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Operational 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, is pleased to announce that it has been advised by
Equinor UK Limited ("Equinor UK"), operator of the P2170 (Blocks
20/5b & 21/1d) licence area (the "P2170 licence"), that the
West Phoenix rig has, on 16 January 2019 moved off contract with
Equinor Norway and will shortly come on contract with Equinor UK to
commence operations on the three well UKCS drilling programme
operated by Equinor UK, which includes the appraisal drilling of
the Verbier discovery, the third well in the programme.
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 69 mmboe. The
purpose of the planned appraisal well is to determine the potential
volume range in the discovery.
JOG is pleased to advise that a 'fast-track' processed volume of
data from the 3D seismic survey shot by PGS over the P2170 licence
area and certain offset acreage earlier in the year was delivered
on 13(th) December 2018. Interpretation of this new dataset has
commenced.
JOG is also pleased to report that the P2170 work programme and
budget for 2019 has been approved. The Company's share of the work
programme will be funded from its existing cash reserves, with
total Capex for 2019 expected to be in the range of GBP7 million to
GBP10 million. This includes the Verbier appraisal programme
expenditure which has moved from 2018 into 2019 and remains in line
with previous guidance.
JOG further notes that, effective 24(th) November 2018, the Oil
& Gas Authority has confirmed the new licensed area as
illustrated on our website at,
www.jerseyoilandgas.com/our_assets/verbier/, in order to satisfy
the Mandatory Surrender Area required, under the terms of the
Licence, at the end of the Initial Term. The licensed area retains
all identified prospectivity including Verbier, Cortina and
Meribel.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are pleased to note the Equinor operated UKCS drilling
operations have now commenced and look forward to the safe and
successful drilling of the upcoming Verbier appraisal well
programme.
"We are now interpreting the new 3D seismic dataset and look
forward to furthering our knowledge of Verbier and the additional
prospectivity in and around P2170."
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
an upstream oil and gas business 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.
This licence contains the Verbier oil discovery, with initial
operator estimates of gross recoverable resources of between 25 and
130 million barrels of oil equivalent ("mmboe") with an estimated
mean of 69mmboe.
The Company plans to build an upstream E&P 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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