24th Jul 2018 12:33
LONDON (Alliance News) - Jersey Oil & Gas PLC said Tuesday the drilling of the Verbier appraisal well on the UK Continental Shelf of the North Sea is to be delayed until the middle of the 2018 fourth quarter.
As a result of the delay, the Verbier well will now be the third well to be drilled instead of the first. It had been expected to be drilled in the late third quarter to early fourth quarter.
Jersey said the delay is not expected to result in any change in the well budget.
The upstream oil & gas company holds an 18% interest in the Verbier appraisal well. The initial operator estimates are that there are gross recoverable resources of between 25 and 130 million barrels of oil equivalent with an estimated mean of 69 million barrels of oil equivalent.
Shares in Jersey Oil & Gas were down 8.6% Tuesday at 191.00 pence each.
Chief Executive Officer Andrew Benitz said: "We look forward to drilling the Verbier appraisal well within our previously advised capex guidance using the sixth generation semi-submersible rig West Phoenix, which is designed for drilling in harsh climatic environments."
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