Jersey Oil & Gas Starts Drilling Operations At Verbier Well

Jersey Oil & Gas PLC on Monday said it started drilling operations on well 20/05b-14 on UK seaward licence P2170.

The upstream oil & gas firm, focused on the UK North Sea, said that initial estimates of gross recoverable resources within the Verbier discovery are between 25 million to 130 million barrels of oil equivalent, with an estimated mean of 69 million barrels.

"Further to the Verbier oil discovery announced in October 2017, we are delighted to announce that drilling operations to appraise Verbier have now commenced and look forward to participating in a safe and successful well programme, with well results expected by mid second quarter of 2019," Chief Executive Officer Andrew Benitz said.

The company owns an 18% stake in the licence.

Jersey Oil shares were trading down 5.2% at 236.00 pence each on Monday.

Source: LSE