Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf (UKCS) region of the North Sea, has announced 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%. 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."