Jersey shares plummet nearly 60% on Verbier disappointment

Markets news
Markets news

Shares in Jersey Oil and Gas nosedived by nearly 60% today after the company revealed disappointing results at a UK North Sea well.

Jersey has an 18% stake in the Verbier discovery, which was thought to be capable of producing up to 130 million barrels of oil equivalent.

But the firm said this morning that a new appraisal well showed Verbier’s recoverable resources would be closer to 25m barrels.

Jersey shares sank 58.86% to 94p in London today.

The project is operated by Norwegian energy giant Equinor, with a 70% interest.

The other partner is Cieco V&C.