LONDON (Alliance News) - Jersey Oil & Gas PLC on Monday said results from its Verbier appraisal well were "disappointing", and it has now moved the rig off location.
Shares in the upstream oil & gas firm, which owns a 18% interest in the Verbier well licence, were trading down 9.5% at 67.90 pence each.
"The appraisal well results were disappointing for us all, however we believe there is still plenty to play for in terms of both the Verbier discovery and in the remainder of our acreage and we look forward to receiving the new fully processed 3D seismic to help us de-risk the licence further," Chief Executive Andrew Benitz said.
Furthermore, the company said Equinor UK Ltd, the operator of the licence with a 70% stake, has confirmed it will complete the already planned full re-evaluation of the licence area, combining the recent appraisal well results and data collected during other operations, in order to better understand the reservoir distribution of the primary target.
Jersey Oil&gas (JOG)