Jersey Oil and Gas PLC Verbier Operational Update (1224W)
15 Aprile 2019 - 8:00AM
UK Regulatory
TIDMJOG
RNS Number : 1224W
Jersey Oil and Gas PLC
15 April 2019
15 April 2019
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Verbier 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, announces that the West Phoenix semi-submersible rig
which drilled the 20/05b-14 Verbier appraisal well has now moved
off location. The well was drilled safely and below budget.
JOG is pleased to advise that Equinor UK Limited ("Equinor"), as
the committed operator of the P2170 Licence, has confirmed to the
co-venturers that it will complete the already planned full
re-evaluation of the licence area, combining the recent appraisal
well results and data collected during operations with the fully
processed 3D broadband seismic data, acquired in 2018 and which is
expected to be delivered in June 2019, in order to better
understand the reservoir distribution of the primary target. The
evaluation will also include an assessment of additional
prospectivity in the deeper targets and the other previously
identified exploration opportunities, including Cortina, before
making a recommendation to the co-venturers on a potential future
appraisal/exploration programme.
The co-venturers in the P2170 Licence and their respective
interests are: Equinor 70%, JOG 18% and CIECO V&C (UK) Limited
12%.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"The appraisal well results were disappointing for us all,
however we believe there is still plenty to play for in terms of
both the Verbier discovery and in the remainder of our acreage and
we look forward to receiving the new fully processed 3D seismic to
help us de-risk the licence further. I am delighted, therefore,
that the co-venturers are aligned in implementing the requisite
immediate work streams with the objective of assessing potential
future appraisal and exploration drilling opportunities on the
licence area."
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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