Greater Buchan Area Update

Licence extension gives JOG more time, but no financial progress is disclosed.

Risk flags

• ●Operational progress risk is high, as the announcement contains no evidence of drilling, production, or commercial milestones—only regulatory extensions and future planning intentions.
• ●Financial transparency risk is significant, with no disclosure of budgets, funding sources, or cost estimates for the planned work, leaving investors unable to assess capital requirements or runway.
• ●Regulatory and policy risk is material, as the company itself points to a complicated UK regulatory backdrop and is actively lobbying for changes to the Energy Profits Levy and approval processes, which are outside its control.

Bottom line

This update is a procedural extension of a North Sea licence, giving Jersey Oil & Gas more time but not advancing the project towards commercial or financial milestones. No new operational achievements, reserves, or financial results are disclosed, and the company's narrative is limited to regulatory process and policy advocacy. The timeline to any value realisation is long, with further extensions likely and no clear path to production or revenue. The absence of financial and operational data means investors have no basis to assess progress or risk-adjusted value. Unless future announcements provide concrete metrics or binding commitments, this update is not actionable for investment decisions. The key takeaway: more time on the clock, but no evidence of nearer-term value creation.

Announcement summary

(AIM:JOG) Jersey Oil & Gas plc announced that the North Sea Transition Authority (NSTA) has approved an extension to the Second Term of the P2170 "Verbier" licence, aligning its duration with that of the P2498 "Buchan Horst" licence. The Second Term of the P2170 licence has now been extended by approximately six months, to 28 February 2027. JOG holds a 20% interest in each of licences P2498 (Blocks 20/5a, 20/5e and 21/1a) and P2170 (Blocks 20/5b and 21/1d) located in the UK Central North Sea. The company is in the process of establishing a work plan and budget for next year to support progression of the GBA and the licence extensions. The company projects that work on these activities will continue into 2027 and that a request to extend the Second Term of the Buchan licence will be made to the NSTA towards the end of this year. The company also notes that hydrocarbons continue to account for around 75% of total energy usage in the UK. The company urges the government to bring an early end to the Energy Profits Levy and to deliver fiscal and regulatory reforms required to unlock long term investment.

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