Oil and gas explorer New World has been given a six-month extension to complete work on its Jutland project.
The 1million acre site, which is thought to contain around 147million barrels of oil, was snapped up by the firm in 2011.
Originally the licences were due to expire at the end of last year, but the Jersey-based firm has now been given more time to evaluate the field and secure farm-in partners.
New World has, as part of the deal, agreed to carry out a passive gas survey on the site to potentially increase its expected size ahead of drilling work.
“We are very pleased to receive this extension as it will help facilitate our continuing discussions with various candidate farm-in partners and, at the same time, allow us to build on our on-going seismic acquisition and de-risking programme,” said New World chief executive William Kelleher.
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