Jersey Oil and Gas’s stock price took a nosedive this morning on the back of an announcement that it had experienced disappointing drilling results on a North Sea prospect.
The UKCS newcomer said its Verbier prospect, which it has an 18% stake in, had encountered water bearing Upper Jurassic sands, to a deeper depth than previously anticipated.
The Channel Islands based firm said a sidetrack would be “unlikely” but that the decision would be made after evaluation of wireline logs.
Jersey’s stock was down 78.64% at 10am accordingly, a decrease of 173 to 47p.
Statoil, who is operator of the Verbier also took a marginal hit, down 1.46%.
For more on Jersey’s update click here.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- Opinion: Apart from oil sector tax break, Budget was an anti-climax
- Opinion: Out with the old and in with the reconditioned
- Opinion: All the hard work starting to pay off for Aberdeen and north-east
- Opinion: EY’s Derek Leith on what to expect from the Budget
- Opinion: Carbon capture and storage – put the kettle on