UK regulator grants six-month extension for P2170 licence, aligning development timelines with Buchan Horst project in Greater Buchan Area.
The North Sea Transition Authority has approved a six-month extension for Jersey Oil & Gas’s P2170 Verbier licence, setting a new expiry date of 28 February 2027. The move synchronizes the licence’s schedule with the company’s P2498 Buchan Horst licence, both located in the Greater Buchan Area.
The P2170 licence covers blocks 20/5b and 21/1d, with NEO NEXT+ ENERGY as operator holding a 50% stake. Jersey Oil & Gas retains 20%, while Serica Energy owns the remaining 30%. The extension supports an integrated Area Plan, enabling phased development starting with the Buchan resource.
Jersey Oil & Gas plans to submit a further extension request for the Buchan licence later this year, including an updated development schedule. Policy uncertainty from UK government shifts has previously delayed progress on the Buchan project.