Jersey Oil and Gas PLC Verbier and Partridge Well Results (3026Q)
September 11 2017 - 1:01AM
UK Regulatory
TIDMJOG
RNS Number : 3026Q
Jersey Oil and Gas PLC
11 September 2017
11 September 2017
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Verbier and Partridge 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 Statoil operated 20/05b-13
exploration well drilled on the P.2170 licence Blocks, 20/05b &
21/1d to test the Verbier prospect (in which the Company owns an 18
per cent. interest) has been safely drilled, reaching the planned
target Total Depth of 4,267m on 10 September 2017. The well
encountered water bearing Upper Jurassic sands, deeper than
anticipated. A decision on whether to drill a sidetrack will be
taken after evaluation of wireline logs, although at this stage JOG
considers this to be unlikely. In the event a sidetrack is not
drilled, the well will be plugged and abandoned.
This well was drilled with ultimately no cost exposure to JOG.
The Board estimates that the Company's cash position at the end of
30 September 2017, taking into account both existing cash reserves
and funds due from the Company's carry arrangements in respect of
the Verbier well, will be approximately GBP2.5m.
In addition, the Company notes the announcement by Azinor
Catalyst Limited ("Azinor") on 8 September 2017 relating to its
14/11a-2 well on the Partridge Prospect in which JOG had a
contingent financial interest, as announced by the Company on 5
January 2016. While that well encountered excellent quality
reservoir rocks, hydrocarbons were not present and it has now been
plugged and abandoned. Accordingly no contingent payments will be
received by the Company from Azinor.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are naturally disappointed by these results, but remain in a
strong position to continue to pursue our core strategy of growth
through potential production asset acquisitions.
"In light of the Verbier result, the Company will now update its
evaluation of the P.2170 licence acreage and consider the possible
implications for the Cortina prospect, which remains an independent
and prospective Upper Jurassic target."
Enquiries:
Jersey Oil and Andrew Benitz, C/o Camarco:
Gas plc CEO Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners Chris Hardie Tel: 020 7614 5900
plc Benjamin Cryer
BMO Capital Markets Neil Haycock Tel: 020 7236 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Edmonds
James Crothers
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.
Notes to Editors:
Jersey Oil & Gas is a UK E&P Company focused on building
a production focused company in the North Sea. The Company owns an
18 per cent. interest in the P.2170 licence, Blocks 20/5b &
21/1d, Inner Moray Firth, containing the Cortina prospect and
Meribel lead. A Competent Persons Report published in March 2017,
commissioned from ERC Equipoise Ltd estimated the Cortina prospect
to contain 124MMboe gross mean prospective resources.
The Company plans to build a major production portfolio via
acquisitions coinciding with the cyclical recovery in the oil price
and the current opportune buying market in the North Sea. The
Company is involved in multiple sales processes and intends to draw
on its management team's considerable experience, knowledge and
expertise to deliver shareholder value from its stated production
acquisition strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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