Jersey Oil and Gas PLC Drilling of the Verbier Appraisal Well (6759R)

TIDMJOG

RNS Number : 6759R

Jersey Oil and Gas PLC

04 March 2019

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Commencement of 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, is pleased to announce that drilling operations have commenced on well 20/05b-14 on UK Seaward Licence P2170, Blocks 20/5b & 21/1d (the "P2170 Licence") using the semi-submersible rig West Phoenix. Expected total Capex for 2019 remains within the Company's previous guidance.

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 programme is to refine the potential volume range in the discovery.

The co-venturers in the P2170 Licence and their respective interests are: Equinor UK Limited 70%, JOG 18% and CIECO V&C (UK) Limited 12%.

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"Further to the Verbier oil discovery announced in October 2017, we are delighted to announce that drilling operations to appraise Verbier have now commenced and look forward to participating in a safe and successful well programme, with well results expected by mid Q2 2019."

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.

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March 04, 2019 02:01 ET (07:01 GMT)

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