Jersey Oil and Gas PLC GBA Exploration and Licensing Update (4701I)
14 12월 2020 - 4:00PM
UK Regulatory
TIDMJOG
RNS Number : 4701I
Jersey Oil and Gas PLC
14 December 2020
14 December 2020
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
GBA Exploration and Licensing Update
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 the results of a
comprehensive subsurface evaluation that has been completed across
all of the Company's licensed acreage. This evaluation has
validated our existing prospectivity and has identified a
significant new prospect named Wengen, located on Licence P2170,
directly west of the producing Tweedsmuir field.
Four of the prospects have been matured to drill-ready status:
Verbier Deep, Cortina NE (J64), Wengen (P2170) and Zermatt (P2497)
with aggregate P50 prospective resources of 222 MMboe (including
upside potential to Cortina NE (J64) that, in the success case,
could be tested by an initial exploration well and a side-track
well). Individual probabilities of geological success ("Pg") range
from 16 to 30%.
Subject to funding, a drilling campaign is planned from 2022. In
the success case, it is envisaged that development would be made
via short distance, subsea tiebacks to the planned GBA
facility.
The geological and geophysical evaluation undertaken by the
Company has been peer reviewed by Rockflow Resources Ltd. (P2170)
and Xodus Group (P2497), and the subsequent reservoir engineering
and commercial evaluation has been undertaken jointly by the
Company and Xodus Group.
Drill Ready Technically Recoverable Resource Pg (%) Distance
Opportunity Volumes (MMboe) from Host
Facility
(Km)
P90 P50 P10
----------- ----------- -----------
Verbier
Deep 8 23 60 30 7.5
----------- ----------- ----------- ------- -----------
Wengen 31 62 162 22 11
----------- ----------- ----------- ------- -----------
Cortina
NE (J64) 32 62 99 17 6
----------- ----------- ----------- ------- -----------
* Cortina NE (J64) upside 12 23 43 n/a 6
----------- ----------- ----------- ------- -----------
Zermatt 37 52 77 16 20
----------- ----------- ----------- ------- -----------
The prospects are individually economically robust with, in each
case, the estimated P90 economically recoverable volumes exceeding
the required minimum economic field size, to be developed as subsea
tiebacks to JOG's planned GBA hub development.
An exploration update presentation is available to view on the
Company's website at:
www.jerseyoilandgas.com/investors/presentations/
JOG also notes that the Oil & Gas Authority has acknowledged
an application for the discretionary surrender of part of the
licensed area of Licence P2170. As such, with effect from 30
November 2020, the licensed area as defined at Schedule 1 to the
Licence shall be replaced by the new licence area, as illustrated
on page 2 of the aforementioned presentation published on the
Company's website today. The retained licensed area includes the
four drill-ready prospects identified as shown and affords a
significant saving in respect of annual licence rental
payments.
Andrew Benitz, CEO of Jersey Oil & Gas, commented :
"Our latest subsurface work has further detailed the significant
value within the wider Greater Buchan Area. These highly
attractive, drill-ready exploration prospects are in the immediate
vicinity of our planned GBA production facility and, as a result, a
discovery at any one of these prospects would have the potential to
extend the GBA production plateau and further enhance shareholder
value. We look forward to progressing a drilling campaign post a
successful conclusion to our upcoming GBA sales process."
Qualified Person's Statement
The information contained in this announcement has been reviewed
and approved by Ronald Lansdell, Chief Operating Officer of Jersey
Oil & Gas, a qualified Geologist and Fellow of the Geological
Society, who has over 40 years' relevant experience within the
sector.
Enquiries :
Jersey Oil and Gas plc Andrew Benitz, CEO C/o Camarco:
Tel: 020 3757 4983
Strand Hanson Limited James Harris Tel: 020 7409 3494
Matthew Chandler
James Bellman
Arden Partners plc Paul Shackleton Tel: 020 7614 5900
Benjamin Cryer
BMO Capital Markets Limited Jeremy Low Tel: 020 7236 1010
Tom Rider
Camarco Billy Clegg Tel: 020 3757 4983
James Crothers
Notes to Editors :
Jersey Oil & Gas is a UK E&P company focused on building
an upstream oil and gas business in the North Sea. The Company
holds a significant acreage position within the Central North Sea
referred to as the Greater Buchan Area ("GBA"), which includes
operatorship and 100% working interests in blocks that contain the
Buchan oil field and J2 and Glenn oil discoveries and an 100%
working interest in the P2170 Licence Blocks 20/5b & 21/1d
(subject to OGA approval of the acquisition of CIECO V&C UK
Limited as announced on 26 November 2020), that contain the Verbier
oil discovery and other exploration prospects.
JOG's acreage is estimated by management to contain more than
140 million barrels of oil equivalent ("boe") of discovered mean
recoverable resources net to JOG, in addition to significant
exploration upside potential. JOG is currently progressing the
Concept Select phase of an FDP for the Greater Buchan Area.
JOG is focused on delivering shareholder value and growth
through creative deal-making, operational success and licensing
rounds. Its management is convinced that opportunity exists within
the UK North Sea to deliver on this strategy and the Company has a
solid track-record of tangible success.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
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