Project Profile

Value: US$25 million
Location: North Sea, UK
Blocks: 20/5b & 21/1d
Reserves: Between 25 and 130 million barrels of oil
Exploration start-up: August 2017

Verbier Prospect is located in UK Seaward Licence P.2170 and includes blocks 20/5b & 21/1d, in the North Sea, UK. Statoil (UK) operates the P.2170 Licence with a 70% interest and will bear all costs up to US$25 million for the exploration well drilling programme. JOG and CIECO hold 18% and 12% interest in the P.2170 Licence respectively. Verbier is in the outer Moray Firth on the UK Continental Shelf. In addition to the Verbier prospect, the licence features the Cortina prospect, which features 124 million barrels of oil equivalent (mmboe) gross mean prospective resources, and Meribel lead. Both prospects are situated in Upper Jurassic targets. Comprehensive 3D seismic interpretation, geological and basin analysis, undertaken by JOG, delineated significant prospectivity. In August 2017, Statoil commenced drilling operations on well 20/05b-13 on UK Seaward License P.2170, looking to test the Verbier prospect.

Operators:

Statoil: 70% interest

Jersey Oil and Gas (JOG): 18% interest

CIECO Exploration and Production (UK): 12% interest