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3D seismic survey completed over Jersey Oil & Gas' Verbier discovery

The data, which is expected to be available early next year, will help Jersey to figure out the best plan of attack at the “very exciting” Verbier project

offshore oil rig
Verbier is estimated to be host to between 25mln and 130mln barrels of oil equivalent

Jersey Oil & Gas PLC (LON:JOG) has told investors that the 3D seismic survey over the P.2170 licence area, which covers the Verbier discovery and Cortina prospect, has been completed.

The AIM-quoted firm expects to receive the final imaged data from Petroleum Geo-Services in the first quarter of 2019.

READ: All eyes on Jersey’s upcoming appraisal well at Verbier

Jersey said this data, as well as the results from the upcoming Verbier appraisal well – due to be drilled later this year – will help it to figure out how best to progress the project into a potential future development phase.

“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,” said chief executive Andrew Benitz.

“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.”

Jersey owns 18% of Verbier and it has quickly become the company’s most significant asset. It was discovered last October and is estimated to host up to 130mln barrels of oil equivalent.

Separate farm-out deals with Statoil and co-venturer CIECO meant Jersey was carried for US$27.4mln of the Verbier drilling costs.

Quick facts: Jersey Oil and Gas PLC

Price: 160.5 GBX

Market: LSE
Market Cap: £35.04 m

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Jersey Oil & Gas's Benitz: North Sea an exciting place to explore again

Andrew Benitz of Jersey Oil & Gas PLC (LON:JOG) says pre-funding the seismic being shot over the Verbier acreage in North Sea allows the data to be optimised and is cheaper. Capex for the appraisal programme will be at the upper end of £9-11mln including seismic. Drilling at...

on 26/4/18

2 min read