Europa Oil & Gas (Holdings) Plc (AIM:EOG) chief executive Will Holland welcomed the approval of planning permission for the firm’s part-owned Wressle project in Lincolnshire.
It is now approved to advance plans for two additional wells and construct gas processing facilities, which will allow the field to connect to the local gas distribution network.
“The development is aimed at increasing oil production and monetizing the associated gas from the Wressle field,” chief executive Will Holland said in a statement. “This will also result in eliminating routine flaring on the site, aligning with environmental goals.
"I am very pleased that we have now received the planning permission for the continued development of Wressle.
“The development programme at Wressle will increase the oil production and monetise the associated gas from the field, which will result in zero routine flaring at site.
“Domestic production accounts for less than 50% of demand in the UK, yet this provides economic and environmental benefits when compared to imports.”
Holland added: “The UK is increasingly reliant on imports as domestic production continues to decline and I believe that domestic production has a vital role to play in the UK as we progress towards the Net Zero 2050 target. I look forward to updating the market further as the Wressle partners continue to progress the field development."
Europa owns a 30% interest in Wressle alongside partners Egdon Resources (30%) and Union Jack Oil (40%).