24th Apr 2018 15:42
LONDON (Alliance News) - UK Continental Shelf-focused Jersey Oil & Gas said Tuesday that partners for UKCS Licence P.2170, containing the Verbier discovery and the Cortia prospect, will pre-fund a 3D seismic survey over the licence area and certain offset acreage.
The commitment allows Statoil (UK) Ltd as operator of the licence to have input in the survey design as well as the acquisition and processing parameters to allow for high quality delivery. The survey is to be carried out by Petroleum Geo-Services ASA during the second quarter of 2018 in the Moray Firth area.
Jersey's total capital expenditure for 2018 is now expected at the upper end of the range of GBP9.0 million to GBP11.0 million.
"We are delighted to be able to participate in the pre-funding of PGS' MultiClient 3D Survey with our co-venturers, which allows us to obtain state-of-the-art, broad-band seismic data at very favourable rates. We believe this represents an exciting step in our ongoing evaluation of the P.2170 licence area, with the timely delivery of the processed data facilitating the potential future development of the Verbier discovery as well as enhancing our understanding and evaluation of other drillable prospects in the greater licensed area, thereby building on our existing knowledge base gained from last year's successful Verbier discovery well," said Chief Executive Andrew Benitz.
Shares in Jersey Oil & Gas were down 1.0% at 204.20 pence on Tuesday.
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Jersey Oil & Gas plc