Jersey Oil and Gas plc: 3D Seismic Survey
Tuesday 24 April 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) ("P.2170"), which contains the Verbier oil discovery and the Cortina prospect, have committed to pre-fund a 3D seismic survey over the P.2170 licence area and certain offset acreage (the "Area of Interest" or "AOI"), which is to be conducted as part of a wider GeoStreamer MultiClient 3D seismic survey by Petroleum Geo-Services ASA ("PGS") during Q2 2018 in the Moray Firth area. Delivery of the final imaged data by PGS from the survey is currently expected in late Q1 2019.
This pre-funding commitment has enabled Statoil (U.K.) Limited ("Statoil"), as operator of P.2170 and on behalf of the co-venturers, to have input into PGS' survey design and the acquisition and processing parameters in order to ensure the delivery of a high quality dataset, specifically optimised to advance the interpretation of the Verbier discovery and assessment of other exploration opportunities within the P.2170 licence area.
The anticipated timing for delivery of the final imaged data from PGS will facilitate integration with the results from the Verbier appraisal well, scheduled for drilling this summer, which, in a success case, will be an important step for strategic planning as the project progresses into a potential future development phase.
The Company's share of the survey costs in respect of the AOI will be funded from its existing cash reserves, with total Capex for 2018 now expected to be towards the upper end of the previously announced range of £9 million to £11 million.