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 timing for operations to commence on the Verbier appraisal well is now expected during Q1 2019. The West Phoenix rig is currently being utilised, as planned, on the first of four wells in the Equinor operated drilling campaign.
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.