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Jersey Oil & Gas Announces Commencement of Drilling of Verbier Appraisal Well

Source: www.gulfoilandgas.com 3/4/2019, Location: Europe

Jersey Oil & Gas, an independent upstream oil and gas company ?focused on the UK Continental Shelf ("UKCS") region of the North Sea, has announced that drilling operations have commenced on well 20/05b-14 on UK Seaward Licence P2170, Blocks 20/5b & 21/1d (the "P2170 Licence") using the semi-submersible rig West Phoenix. Expected total Capex for 2019 remains within the Company's previous guidance.

Initial operator estimates of gross recoverable resources associated with the Verbier discovery are between 25 and 130 million barrels of oil equivalent ("mmboe") with an estimated mean of 69mmboe. The purpose of the planned appraisal well programme is to refine the potential volume range in the discovery.

The co-venturers in the P2170 Licence and their respective interests are: Equinor UK Limited 70%, JOG 18% and CIECO V&C (UK) Limited 12%.

Andrew Benitz, CEO of Jersey Oil & Gas, commented:

"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 Q2 2019."

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