Jersey Oil & Gas has announced that the North Sea Transition Authority ('NSTA') has approved an extension to the Second Term of its P2170 'Verbier' Licence. This licence is now aligned with JOG's P2498 'Buchan' Licence with the current phase expiring end of August 2023, in keeping with the Company's stated strategy of developing the Greater Buchan Area ('GBA') as an area-wide development plan.

Following a recent period of fiscal uncertainty, confirmation of the retention of the investment allowance as part of the recent amendments to the UK's Energy Profits Levy is welcome, as we progress advanced commercial discussions with a select number of counterparties in relation to the Company's GBA farm out process. 

Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are pleased that the NSTA has agreed to extend the Second Term of the Verbier Licence in order to align it with the rest of our GBA asset base.  Although multiple fiscal changes have slowed progress with closing out commercial farm-out discussions, we look forward to a successful conclusion if not by the end of the year then certainly in Q1 2023."

KeyFacts Energy: Jersey Oil and Gas UK country profile

If you would like to sign up to KeyFacts Energy's free daily news-alert service click here to join our growing list of subscribers.