16th Jan 2019 13:47
LONDON (Alliance News) - Upstream oil and gas company Jersey Oil & Gas PLC said Wednesday the operator of the P2180 licence, Equinor UK Ltd, will begin drilling operations on the three wells in the area, including the Verbier discovery.
Jersey - which is focused on the UK continental shelf in the North Sea - has an 18% interest in the Verbier discovery, located in Block 20/5b in the P2180 licence.
Initial operator estimates gross recoverable resources at Verbier between 25 million and 130 million barrels of oil equivalent with an estimated mean of 69 million barrels of oil equivalent.
Jersey said the appraisal well is to determine the potential volume range in the discovery.
The oil and gas explorer said interpretation of the 3D seismic survey of the P2170 licence area has started. Jersey's 2019 P2170 work programme and budget has been approved, expected to be between GBP7 million and GBP10 million. The programme includes the Verbier appraisal, which has been moved into 2019 from 2018.
Shares in Jersey Oil & Gas were up 7.3% Wednesday at 176.00 pence each.
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