(Sharecast News) - Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK continental shelf region of the North Sea, announced on Tuesday that the North Sea Transition Authority approved an extension to the second term of the P2170 'Verbier' licence.
The AIM-traded firm said that, after the recent extension of the P2498 'Buchan' license, the second term of the P2170 license was extended by three years to 29 August 2026.
It said the extension was requested to allow the licensees sufficient time to prepare a field development plan for the Verbier discovery, as part of a phased Greater Buchan Area (GBA) development plan.
"The first phase of the planned GBA work programme involves re-development of the Buchan field, with the start-up of production targeted for 2026," the board explained in its statement.
At 1629 BST, shares in Jersey Oil & Gas were up 5.8% at 182.5p.
Reporting by Josh White for Sharecast.com.
Jersey Oil&gas (JOG)