Jersey Oil & Gas announced today that the North Sea Transition Authority ('NSTA') has approved an extension to the Second Term of its P2498 'Buchan' Licence The Company also reports that the NSTA has approved the Company's request to assign a 50% working interest in both licence P2498 and licence P2170 ('Verbier') to NEO Energy, as part of the recently announced Greater Buchan Area farm-out transaction.

The Second Term of licence P2498 has been extended by 18 months to 28 February 2025. The extension was requested in order to provide the licensees with the time required to prepare a Field Development Plan ('FDP') for the redevelopment of the Buchan field, which is planned for submission to the NSTA during 2024. Following FDP approval the licence moves into the Third Term, which covers the development and production phase of activities for the life of the field.

Following these approvals, the Company has now satisfied the conditions precedent associated with the farm-out of the 50% interest in licence P2498 to NEO. In terms of the P2170 licence assignment to NEO, the Company is in the process of completing the final outstanding condition precedent. It is anticipated that completion of both licence assignments will occur in June 2023.

KeyFacts Energy: Jersey Oil and Gas UK country profile