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 Verbier appraisal well with the possibility of a sidetrack well will now likely be the third well in the sequence for the UK drilling campaign with the contracted West Phoenix rig as opposed to the first. The most likely timing of the Verbier appraisal well is now expected to be mid to late Q4 2018, rather than late Q3 to early Q4 as previously advised. This delay to the drilling of the well is not expected to result in any change in the well budget.
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.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
“We look forward to drilling the Verbier appraisal well within our previously advised capex guidance using the sixth generation semi-submersible rig West Phoenix, which is designed for drilling in harsh climatic environments.”