Jersey Oil and Gas PLC Verbier Appraisal Well Results (9116U)
April 03 2019 - 2:00AM
UK Regulatory
TIDMJOG
RNS Number : 9116U
Jersey Oil and Gas PLC
03 April 2019
3 April 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Verbier Appraisal Well Results
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 the 20/05b-14 appraisal well has been
safely drilled, ahead of schedule and within budget to a total
depth of 3,784m. Based on preliminary observations during drilling,
the well did not encounter Upper Jurassic sands as anticipated. As
a result, our contingent resource volumetric estimations for the
Verbier discovery are likely to be revised towards the lower end of
the initial resource estimate of 25 million barrels of oil
equivalent ("mmboe") announced following the discovery in October
2017.
The appraisal well results will be fully integrated with the
final processed data from the 3D seismic survey acquired in 2018 in
order to evaluate the upside potential for further Verbier
appraisal activity. A large part of the mapped area of the Verbier
discovery, located to the north west of the 20/05b-14 well location
remains untested. Additional resource potential, which was not
tested with this well or the discovery well, has also been
identified in a deeper horizon beneath the Verbier discovery. This,
along with the Cortina prospect, will be matured with the new
seismic data and be considered for future drilling.
It is JOG's view that the Verbier oil discovery remains
commercially viable at 25 mmboe and we look forward to evaluating
potential future development options, including the potential to
develop the Verbier discovery as part of a wider area development
plan.
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:
"We are both surprised and disappointed by the results of our
appraisal well. JOG remains confident that Verbier is a
commercially viable development project that could be further
enhanced by the potential for a new area hub development, together
with undeveloped discoveries that sit in close proximity to
Verbier.
Verbier has been a play-opener for JOG and we remain excited
about the growth potential surrounding this valuable asset. JOG
remains well-funded to pursue our growth plans and will continue to
assess various acquisition opportunities as we move forward."
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
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
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.
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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