Jersey Oil & Gas PLC - UK continental shelf-focused upstream oil and gas company - Says North Sea Transition Authority has approved an extension to the second term of the P2170 ‘Verbier’ licence by three years to August 29, 2026. Jersey Oil & Gas requested the extension to prepare a field development plan for Verbier as part of a development plan for the Greater Buchan Area.

Company also on Tuesday announces the finalisation of the GBA development solution. Will complete development through the re-deployment of a floating, production, storage & offloading vessel. Work is now progressing on the engineering studies required before the plan is submitted in 2024. Jersey Oil & Gas estimates that development will require $900 million capital expenditure. It has a 50% working interest in the GBA licences and aims to retain between a 20% and 25% interest in the re-development.

Current stock price: 187.00 pence, up 8.4% on Tuesday afternoon

12-month change: down 16%

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