14 November 2016
Jersey Oil and Gas plc
("Jersey Oil & Gas" or the "Company")
Licence P.2170 Verbier Prospect - Confirmation of Exploration Well Commitment in Summer 2017
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, Statoil (U.K.) Limited ("Statoil"), as operator of UK Seaward Licence P.2170, Blocks 20/5b and 21/1d (the "P.2170 Licence") (in which the Company holds an 18 per cent. Interest), has formally communicated to the Oil and Gas Authority that a firm well is committed on the P.2170 Licence for drilling in summer 2017. Accordingly, no extension to the current 30 November 2016 drill-or-drop deadline attached to the P.2170 Licence is required. The Company is also pleased to announce that it has confirmed to Statoil its participation in the planned well.
Further details on the terms of the farm-out can be found in the Company's announcement of 23 August 2016.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are delighted to confirm the Company's participation in a well to be drilled on the highly material and prospective Verbier prospect in which Jersey Oil & Gas holds an 18% interest. We believe the planned well could be one of the most exciting exploration prospects to be drilled in the UKCS in recent years."
Enquiries:
Jersey Oil & Gas plc |
Andrew Benitz, CEO |
C/o Camarco: Tel: 020 3757 4983 |
Strand Hanson Limited |
James Harris Matthew Chandler James Bellman |
Tel: 020 7409 3494 |
FirstEnergy Capital LLP |
Hugh Sanderson David van Erp |
Tel: 020 7448 0200 |
Camarco |
Billy Clegg Georgia Mann Sean Blundell |
Tel: 020 3757 4983 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
