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04 Mar 2019
Jersey Oil & Gas - Verbier appraisal commences drilling
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Jersey Oil & Gas - Verbier appraisal commences drilling
Jersey Oil & Gas PLC (JOG:LON) | 156 2.3 1.0% | Mkt Cap: 51.0m
- Published:
04 Mar 2019 -
Author:
Jonathan Wright -
Pages:
3
Jersey Oil & Gas has commenced drilling the Verbier appraisal well on Licence P2170 in the UK Central North Sea. This well is intended to narrow the 25-69-130 mmboe (Low-Mean-High) resource estimate range on this 2017 discovery. We believe there is only modest expectation priced into the shares and that the risk-reward skew around this well is attractive. JOG is about more than just Verbier, however, and an upcoming UK licensing round also provides an opportunity to add highly complementary acreage with existing resource to the portfolio. Acquisitions can also provide a step change in terms of scale for the business. We maintain our Buy rating and 315p price target.