Jersey Oil & Gas (AIM:JOG) reported total cash reserves of £10.1 million and no debt in unaudited interim results for the six months ended 30 June, the AIM-listed North Sea operator said.
The company, which holds a 20% interest in the Greater Buchan Area (GBA) through licences P2170 "Verbier" and P2498 "Buchan Horst", said its share of Buchan project expenditure remains fully carried by joint venture partners NEO NEXT+ and Serica Energy.
A further $20 million cash payment falls due once the Field Development Plan is approved by the North Sea Transition Authority and associated regulatory and legal consents are received.
The NSTA extended the Second Term of the P2170 licence by roughly six months to 28 February 2027 to align its timetable with the Buchan Horst licence, part of a push toward an integrated, area-wide development plan rather than separate schedules for the two licences.
Jersey Oil & Gas said it plans to submit further licence extension requests for both assets later this year, alongside a 2027 work plan and budget being drawn up with partners.
The company also flagged UK tax allowances equating to potential savings of over $60 million at current rates, which it continues to assess how to unlock.
Chief executive Andrew Benitz said the venture is "re-assessing the optimal area-wide GBA development solution, that has the potential to add volumes and enhance further value, within the context of a wider lens and longer execution schedule."
He attributed a slowdown in North Sea investment activity in part to the Energy Profits Levy and cited industry job losses estimated at 25,000 over the past two years.