Last checked at 
LONDON (Alliance News) - Jersey Oil & Gas PLC on Wednesday said it is "disappointed" by the drilling results from the UK Continental Shelf region of the North Sea.
The stock was trading 51% lower on Wednesday at 112.00 pence a share.
Jersey Oil & Gas said a 20/05b-14 appraisal well, which forms a part of Verbier discovery, has been safely drilled ahead of schedule to a total depth of 3,784 metres.
The AIM-listed company said the well did not encounter Upper Jurassic sands as anticipated, thus, Jersey Oil & Gas said its contingent resource volumetric estimations for the Verbier discovery are likely to be revised towards the lower end of the initial resource estimate of 25 million barrels of oil equivalent.
The Verbier well results will be fully integrated with the final processed data from the 3D seismic survey, the oil & gas company said, in order to evaluate the upside potential for further Verbier appraisal activity. The company noted that a large part of the mapped area of the Verbier discovery, located to the north west of the 20/05b-14 well, remains untested.
"We are both surprised and disappointed by the results of our appraisal well," said Chief Executive Andrew Benitz. "Jersey Oil & Gas remains confident that Verbier is a commercially viable development project that could be further enhanced by the potential for a new area hub development, together with undeveloped discoveries that sit in close proximity to Verbier."
