Jersey Oil and Gas PLC Completion of 3D Seismic Survey (8314S)

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: [phone] 
                                                    4983 
 Strand Hanson Limited         James Harris        Tel: [phone] 
                                Matthew Chandler    3494 
                                James Bellman 
 Arden Partners plc            Chris Hardie        Tel: [phone] 
                                Benjamin Cryer      5900 
 BMO Capital Markets Limited   Jeremy Low          Tel: [phone] 
                                Neil Haycock        1010 
                                Tom Rider 
 Camarco                       Billy Clegg         Tel: [phone] 
                                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 [e-mail] or visit www.rns.com.

END

MSCUBRURWNANUUR

(END) Dow Jones Newswires

June 28, 2018 02:01 ET (06:01 GMT)