LONDON – Jersey Oil & Gas has issued an update on its exploration programs in the UK North Sea.
Contracts should follow soon. In addition to Statoil’s work, Jersey is conducting further technical studies to improve its understanding of Verbier.
Statoil is funding all costs up to $25 million for the first exploration well on the license.
At P.1989, bocks 14/11, 12 and 16, operator Azinor Catalyst has said that it plans to drill thePartridge (ex-Homer) prospect later this year.
Further to farm-out terms announced early last year, and subject to a resultant discovery that satisfies certain technical criteria, Azinor would pay Jersey $2 million.
If the result is sufficiently strong to warrant development, with a subsequent development plan securing approval, a further cash payment of $2 million would be triggered.