Jersey Oil & Gas: Verbier Update
Monday 29 January 2018
Jersey Oil & Gas, an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that the co-venturers in respect of UKCS Licence P.2170 (Blocks 20/5b & 21/1d), which contains the Verbier oil discovery and the Cortina prospect, have approved a work programme and budget for 2018. The approved work programme and budget includes an appraisal of the recent Verbier oil discovery and contingent well planning including the acquisition of a site survey to progress exploration activity on the licence area.
Negotiations are advanced with respect to contracting a rig for the Verbier appraisal well programme, which plans for one well and an option for a sidetrack well, to be drilled in summer 2018.
The Company's share of the work programme will be funded from its existing cash reserves. Further to the successful fundraising completed in November 2017, cash balances are estimated to be approximately £25 million as of 31 December 2017. Capex for 2018 is estimated to be £9 million to £11 million for the Company.