Statoil's Verbier exploration probe in the Moray Firth has disappointed, with the well intersecting a water bearing reservoir at target depth.
Partner Jersey Oil & Gas, with 18% interest in well 20/05b-13, on license P.2170 license in blocks 20/05b and 21/1d, said a decision on whether to drill a sidetrack will be taken after evaluation of wireline logs, but that the company thinks this will be unlikely.
Verbier had a pre-drill mean prospective resource estimate of 162 MMboe. The well was drilled using the Transocean Spitsbergen semisubmersible and reached target total depth of 4267m. The well encountered water bearing Upper Jurassic sands, which were deeper than anticipated.
Jersey was also a partner in the Partridge well, which was revealed on Friday to have had excellent quality reservoir rocks, but with no hydrocarbons.
Andrew Benitz, CEO of Jersey Oil & Gas, said: "We are naturally disappointed by these results, but remain in a strong position to continue to pursue our core strategy of growth through potential production asset acquisitions.
"In light of the Verbier result, the company will now update its evaluation of the P.2170 license acreage and consider the possible implications for the Cortina prospect, which remains an independent and prospective Upper Jurassic target."