Jersey Oil and Gas PLC (LON:JOG) has confirmed the arrival of the Fugro Galaxy vessel in the group’s North Sea exploration area.

The ship, which is under contract to exploration partner Statoil, arrived yesterday and will survey the Verbier prospect.

It comes ahead of a potential exploration drilling programme, slated for 2017.

Jersey told investors that it expects the survey to be complete during the fourth quarter of 2016, with the interpretation of the results due thereafter.

Earlier this month Jersey 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 Licence P.2170.

Under the farm-out deal, Statoil will pay up to US$25mln for a first exploration well on the p.2170 licence. The project is estimated to host over 500mln barrels of oil in place, across two prospects estimated at 300mln and 212mln barrels each.

At that time Jersey chief executive Andrew Benitz said: “The P.2170 Licence area has significant exploration potential for the discovery of oil and we look forward to drilling one of the prospects with our partners, conceivably during 2017.”

Jersey Oil retains an 18% stake in the exploration project, of which 10% will be carried by CIECO, its other partner which holds 12%.

Source: www.proactiveinvestors.co.uk