Jersey Oil & Gas said drilling will begin on a North Sea licence next summer.
The company holds an 18% share in the P2170 licence in which Statoil is the operator.
In a statement the independent Upstream oil and gas firm said Statoil had formally told the Oil and Gas Authority (OGA) that a firm well is committed on the licence.
It means no extension is needed to the current drill-or-drop deadline which finishes on November 30th.
Andrew Benitz, chief executive of Jersey Oil & Gas, said:”We are delighted to confirm the Company’s participation in a well to be drilled on the highly material and prospective Verbier prospect in which Jersey Oil & Gas holds an 18% interest.
“We believe the planned well could be one of the most exciting exploration prospects to be drilled in the UKCS in recent years.”
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