Shares in Jersey Oil and Gas jumped 40% yesterday morning after the firm gave investors hope over the North Sea Verbier field.
Jersey Oil & Gas (JOG) said a North Sea sidetrack was "unlikely" after disappointing drilling results.
Jersey Oil & Gas has kick-started its North Sea drilling campaign.
Jersey Oil and Gas could scarcely have dreamt that the farm-out process for the North Sea Verbier prospect would go so smoothly.
Parkmead Group’s boss said yesterday that the Aberdeen firm would stay on the acquisition trail as it leads efforts to create a large North Sea hub.
Norwegian energy giant Statoil has booked a Transocean rig to drill three exploration wells in the UK North Sea in summer for £14.5million.
Jersey Oil and Gas has welcomed new figures showing higher than anticipated reserves at two North Sea interests.
The search for the rig that will drill a North Sea well this summer is under way.
Jersey Oil & Gas said oversubscribed placing has seen the firm raise £1.6million from new and existing shareholders.