Jersey Oil and Gas PLC Completion of 3D Seismic Survey (8314S)
June 28 2018 - 1:01AM
UK Regulatory
TIDMJOG
RNS Number : 8314S
Jersey Oil and Gas PLC
28 June 2018
28 June 2018
Jersey Oil and Gas plc
("Jersey Oil & Gas" or the "Company")
Completion of 3D Seismic Survey
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, further to the
Company's announcement of 24 April 2018, the 3D seismic survey over
the P.2170 (Blocks 20/5b & 21/1d) ("P.2170") licence area and
certain offset acreage conducted as part of a wider GeoStreamer
MultiClient 3D seismic survey by Petroleum Geo-Services ASA ("PGS")
in the Moray Firth area has now been completed on time and without
any HSE incidents.
Delivery of the final imaged data by PGS from the survey
continues to be expected in late Q1 2019. This data will be
integrated with the results from the Verbier appraisal well,
scheduled for drilling late Q3/early Q4 this year, which, in a
success case, will be an important step for strategic planning as
the Verbier project progresses into a potential future development
phase.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We look forward to achieving a comprehensive update of our
geological and geophysical understanding of the greater P.2170
licence area, integrating the results of the forthcoming Verbier
appraisal well with the PGS newly acquired, high quality 3D
dataset. The information to be derived from the appraisal well,
together with the new 3D data, will be an important step towards
the potential future development of the Verbier discovery and will
facilitate our evaluation of other drillable prospects in the
P.2170 licence area."
Enquiries:
Jersey Oil and Gas plc Andrew Benitz, C/o Camarco:
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 Limited Jeremy Low Tel: 020 7236
Neil Haycock 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757
Georgia Edmonds 4983
James Crothers
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-focussed 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, Equinor UK Limited, owns a 70%
interest and CIECO V&C (UK) Limited owns a 12% interest. In
October 2017, the Company announced the Verbier oil discovery, with
initial operator estimates of gross recoverable resources of
between 25 to 130 million barrels of oil equivalent. A well,
planned for drilling in late Q3/early Q4 2018, has been announced,
to appraise the Verbier discovery.
The Company plans to build a production portfolio via both
organic development and 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 growth 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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