Jersey Oil & Gas starts drilling on Verbier prospect in UK North SeaStaff Writer | August 14, 2017
North Sea-focused upstream oil and gas company Jersey Oil & Gas PLC said on Monday it has started drilling operations on well 20/05b-13 on UK Seaward Licence P2170, Blocks 20/5b and 21/1d.
Oil exploration 162 million barrels of oil equivalents
Statoil (UK) Ltd, the operator of the P2170 Licence, will cover all costs up to USD25.0 million, and Jersey will also benefit from a cash carry of 10% of well costs from co-venturer CIECO Exploration and Production (UK) Ltd.
"We are pleased to announce that drilling operations on the Verbier prospect have now commenced.
"The Verbier prospect is estimated to have mean prospective resources of 162 million barrels of oil equivalents and has the potential to add considerable value to our joint venture partnership," said chief executive officer Andrew Benitz. ■