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Europa Oil & Gas extends deadline for Wressle deal with Upland Resources

The deal to sell 10% of Wressle to Upland Resources was agreed in November, and it has now been extended until the end of September 2017.
Onshore oil drilling
Europa will retain 20% of the Wressle field.

Europa Oil & Gas (Holdings) Plc (LON:EOG) has extended the deadline on its deal to sell a stake in the Wressle field to Upland Resources Ltd (LON:UPL).

A deal for 10% of Wressle was agreed in November before the planning application for the field’s development was rejected by the Lincolnshire county council.

The Wressle partners earlier this month announced their intention to appeal the council’s decision.

And it has now been agreed that the ‘long stop’ date for the transaction will be extended to September 30, from March 31.

The deal sees Upland acquiring 10% of Wressle in return for £1.85mln, leaving Europa with 20%.

The other partners in the project are Egdon Resources Plc (LON:EDR), the operator with 25%, Celtique Energie with 33.3%, and Union Jack Oil PLC (LON:UJO).

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Europa Oil & Gas (Holdings) Plc Timeline

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