Jersey Oil and Gas (JOG) said that an average of 222 million barrels of oil and a “significant” new prospect in its North Sea acreage have been identified in a comprehensive subsurface evaluation.
The upstream hydrocarbon company, which added a further 12% to its offshore licence areas in November, said that the amount of oil exceeded the required minimum economic field size.
Four of JOG’s prospects are now ready to be drilled: Verbier Deep; Cortina NE (J64); the new prospect Wengen which lies within (P2170 – directly west of the producing Tweedsmuir field); and Zermatt (P2497).
The aggregate P50 prospective resources of 222 MMboe includes an upside potential to Cortina NE (J64) tested by an initial exploration well and a side-track well. Individual probabilities of geological success (Pg) range from 16 to 30%.
| P90 | P50 | P10 | Pg% | Distance from host facility (km) | |
| Verbier Deep | 8 | 23 | 60 | 30 | 7.5 |
| Wengen | 31 | 62 | 162 | 22 | 11 |
| Cortina NE (J64) | 32 | 62 | 99 | 17 | 6 |
| – Cortina NE (J64) upside | 12 | 23 | 43 | n/a | 6 |
| Zermatt | 37 | 52 | 77 | 16 | 20 |
JOG described the prospects as “individually economically robust” and plans a drilling campaign for 2022 subject to funding.
The company said future development would be made via short distance, subsea tiebacks to the planned Greater Buchan Area (GBA) facility which lies some 120km North East of Aberdeen and will be powered by onshore electricity to reduce CO2 emissions.
Production is planned for late 2025 followed by drilling further wells.
Chief executive Andrew Benitz added that the latest subsurface work had further detailed the significant value of the wider GBA.
“These highly attractive, drill-ready exploration prospects are in the immediate vicinity of our planned GBA production facility and, as a result, a discovery at any one of these prospects would have the potential to extend the GBA production plateau.”
JOG, which is also planning a GBA sales process, said it had informed the Oil & Gas Authority of the discretionary surrender of part of the licensed area of licence P2170.
The retained licensed area includes the four drill-ready prospects identified as shown and affords a significant saving in respect of annual licence rental payments.
JOG’s geological and geophysical evaluation has been reviewed by Rockflow Resources Ltd (P2170) and Xodus Group (P2497), and the reservoir engineering and commercial evaluation by the company and Xodus Group.