Statoil has started work planning a well on the Verbier prospect in the UK North Sea, according to partner Jersey Oil & Gas (JOG).
The Fugro Galaxy survey vessel has arrived in the Verbier license under contract to Statoil, ahead of a potential exploration drilling program, slated for 2017, says JOG.
Earlier this month Jersey (previously called Trap Oil) confirmed the completion of its farm-out deal to Statoil, which took 70% of two North Sea blocks (Blocks 20/5b and 21/1d) which form the UK Seaward License P.2170.
The blocks are in the UK Central North Sea and straddle the western end of the North Buchan Graben in a water depth of between 100-128m. The acreage lies in a prolific, proven, light oil fairway close to the Buchan and Tweedsmuir oilfields.
Under the farm-out deal, Statoil will pay up to US$25 million for a first exploration well on the license. JOG says there are two prospects (Verbier and Cortina) with some 500 MMboe in place between them. Both are expected to the high-pressure.
Analyst and blogger Malcolm Graham-Wood said Statoil is treating the prospect as one of their best in the portfolio and that is why the drill bit is planned for next summer. "Make no mistake, this farm-out will transform JOG’s prospects from a standing start," he says.
Verbier is a village in south-western Switzerland in the canton of Valais. It is a holiday resort and ski area in the Swiss Alps and is recognized as one of the premiere "off-piste" resorts in the world.
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