Jersey Oil & Gas PLC on Wednesday said that the North Sea Transition Authority approved an extension to the second term of its P2498 Buchan licence.

The licence has been extended by 18 months to the end of February 2025.

The UK continental shelf-focused upstream oil and gas company said the NSTA also approved its request to assign a 50% working interest in both licences P2498 and P2170 to NEO Energy, which is part of Jersey Oil’s Greater Buchan farm-out transaction.

Regarding its P2170 licence agreement to NEO, It expects to complete both licence assignments this month.

Jersey Oil & Gas shares rose 3.4% to 199.00 pence each on Wednesday morning in London.

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