Jersey Oil and Gas PLC Rig Contract Signed (3668G)
March 01 2018 - 4:08AM
UK Regulatory
TIDMJOG
RNS Number : 3668G
Jersey Oil and Gas PLC
01 March 2018
01 March 2018
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Rig Contract Signed for Drilling of the "Verbier" Appraisal
programme in Summer 2018
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 Statoil (U.K.) Limited
("Statoil"), operator of the P.2170 (Blocks 20/5b & 21/1d)
licence area (the "P.2170 licence"), has awarded contracts to
Seadrill North Atlantic Drilling UK Ltd. and North Atlantic Norway
Ltd. for the semi-submersible rig, West Phoenix, to drill a well on
the Norwegian Continental Shelf followed by three wells on the
UKCS. The West Phoenix rig will drill the Verbier appraisal well,
with the possibility for a sidetrack well, on the P.2170 licence in
the Central North Sea, as the first of Statoil's planned UKCS
wells, in the summer of 2018.
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 are very pleased to announce that Statoil has contracted the
West Phoenix, a sixth generation semi-submersible drilling rig,
being the same class of rig that drilled the Verbier discovery well
last year, to drill the Verbier appraisal well this summer.
Confirmation of this contract at competitive market rates is in
line with our previously announced Capex expectations for 2018 and
this appraisal campaign will help determine the potential of our
exciting Verbier discovery. In parallel with the appraisal well
programme on Verbier, we are continuing our exploration activities
to fully evaluate the remaining prospectivity of the P.2170 licence
area."
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 Jeremy Low Tel: 020 7236 1010
Neil Haycock
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
Georgia Edmonds
James Crothers
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, Outer
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 major production portfolio via
acquisitions coinciding with the cyclical recovery in oil price and
the opportune buying market available in the North Sea. The Company
is involved in multiple sales processes and intends to draw on its
management team's 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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