This question is in reference to Atlassian Documentation: Supported platforms
So according to the supported platforms "Oracle 12C with Oracle 12c Release 1 driver"
Just to be certain does this mean that 11 series ORacle DB is NOT supported even with the 12c JDBC driver (which does support 11.1/11.2 series DBs)?
That's correct. According to the Supported Platforms for JIRA 7, Oracle 12c is the only supported version, which does not mean Oracle 11 won't work on your environment. However, if you face any issues with your database, you might be asked to upgrade to Oracle 12c in order to receive support.
Although Rodrigo's answer is correct, there is an additional hazard worth mentioning: https://jira.atlassian.com/browse/JRA-47267 which impacts all Oracle installations that at some point are on 6.4.8 or later in the 6.4.x line.
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