AIM_listed Jersey Oil & Gas, an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, notes that Dana Petroleum has terminated the agreement with NEO Energy, in relation to the proposed purchase of the Western Isles floating, production, storage and offloading ('FPSO') vessel. This follows the agreement having reached its longstop date at the end of February 2025, as previously reported. The Buchan Horst joint venture's ability to recommit to the acquisition of the FPSO is naturally linked to the satisfactory conclusion of the on-going fiscal and regulatory consultations and completion of the required pre-handover works on the vessel.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
'The route to unlocking the Buchan development continues to depend on achieving satisfactory conclusions in respect of the on-going fiscal and regulatory consultations. The fiscal consultation was kicked off yesterday and encouragingly, while the details are yet to be fleshed out, it was apparent that the government has heard many of the concerns of the industry.'
Source: Jersey Oil and
