Jersey Oil and Gas PLC Operational Update (1339D)
January 29 2018 - 1:00AM
UK Regulatory
TIDMJOG
RNS Number : 1339D
Jersey Oil and Gas PLC
29 January 2018
29 January 2018
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
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, is pleased to announce that the co-venturers in
respect of UKCS Licence P.2170 (Blocks 20/5b & 21/1d)
("P.2170"), which contains the Verbier oil discovery and the
Cortina prospect, have approved a work programme and budget for
2018. The approved work programme and budget includes an appraisal
of the recent Verbier oil discovery and contingent well planning
including the acquisition of a site survey to progress exploration
activity on the licence area.
Negotiations are advanced with respect to contracting a rig for
the Verbier appraisal well programme, which plans for one well and
an option for a sidetrack well, to be drilled in summer 2018.
The Company's share of the work programme will be funded from
its existing cash reserves. Further to the successful fundraising
completed in November 2017, cash balances are estimated to be
approximately GBP25 million as of 31 December 2017. Capex for 2018
is estimated to be GBP9 million to GBP11 million for the
Company.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are pleased with the progress being made on the
post-discovery technical work being undertaken by the P.2170 joint
venture partnership and that plans to appraise the Verbier oil
discovery have been confirmed. As noted previously, 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.
"We look forward to updating our shareholders in due course as
drilling plans and further exploration activity progresses."
Enquiries:
Jersey Oil and Gas Andrew Benitz, C/o Camarco:
plc CEO Tel: 020 3757
4983
Strand Hanson Limited James Harris Tel: 020 7409
Matthew Chandler 3494
James Bellman
Arden Partners plc Chris Hardie Tel: 020 7614
Benjamin Cryer 5900
BMO Capital Markets Neil Haycock Tel: 020 7236
Limited Tom Rider 1010
Camarco Billy Clegg Tel: 020 3757
James Crothers 4983
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
a production focused company in the North Sea. The Company owns an
18% interest in the P.2170 licence, Blocks 20/5b & 21/1d, Inner
Moray Firth, in which the operator, Statoil (U.K.) Limited, owns a
70% interest and CIECO V&C (UK) Limited owns a 12%
interest.
The Company plans to build a 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.
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 company news service from the London Stock Exchange
END
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