LONDON — Jersey Oil & Gas (JOG) has secured an extension to the second term of its P2498 Buchan license in the UK central North Sea to February 2025.
In addition, the North Sea Transition Authority has approved the company's request to assign a 50% share of P2498 and license P2170 (Verbier) to NEO Energy, as part of the recently announced Greater Buchan Area farm-out transaction.
JOG sought the extension to the give the partners sufficient time to prepare a field development plan (FDP) for the redevelopment of the Buchan Field, which should now be submitted in 2024.
Following FDP approval the license will move into the third term, covering the development and production phase.
