Jersey Oil and Gas PLC (LON:JOG) told investors the company’s September 2020 North Sea licence award has been formalised.
The company was awarded Merged Licence P2498 in last year’s 32nd Offshore Licensing Round and it was executed on 10 February 2021.
This additional acreage is located within the area referred to by the company as a the Greater Buchan Area (GBA) which spans the Buchan oil field and the J2 oil discovery, and is the basis of the company’s field development strategy.
"I am pleased that the award of part block 20/5e has now been formalised,” said Andrew Benitz, Jersey chief executive.
“This represents a further step in delivering on our strategy of acquiring a controlling interest in the acreage that forms the Greater Buchan Area."