U.K. Continental Shelf-focused Jersey Oil & Gas PLC (JOG.LN) Monday said the U.K. subsidiary of Norway's Statoil ASA (STO) has mobilized a rig for drilling in the Verbier prospect, in which Jersey has an 18% interest.
The Verbier well is expected to start drilling in August and Statoil will fund costs up to $25 million, Jersey said.
Shares at 0753 GMT, down 22 pence, or 8.1%, at 249 pence valuing the company at GBP24.7 million.
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(END) Dow Jones Newswires
July 03, 2017 04:09 ET (08:09 GMT)