Jersey Oil & Gas said an appraisal well in the North Sea had delivered disappointing results.

The operator of the 20/05b-14 Verbier appraisal well had confirmed to the company that the West Phoenix semi-submersible rig had now now moved off location.

The well was drilled safely and below budget, the company said.

Licence operator Equinor UK had confirmed that it would complete an-already planned full re-evaluation of the licence area.

The evaluation would combine recent appraisal well results and data collected during operations with fully processed 3D broadband seismic data.

The co-venturers in the P2170 Licence and their respective interests were Equinor at 70%, JOG at18% and CIECO V&C at 12%.

'The appraisal well results were disappointing for us all, however we believe there is still plenty to play for in terms of both the Verbier discovery and in the remainder of our acreage and we look forward to receiving the new fully processed 3D seismic to help us de-risk the licence further,' chief executive Andrew Benitz said.

'I am delighted, therefore, that the co-venturers are aligned in implementing the requisite immediate work streams with the objective of assessing potential future appraisal and exploration drilling opportunities on the licence area.'

At 1:09pm: (LON:JOG) Jersey Oil And Gas Plc share price was -5.6p at 69.4p