Europa Oil & Gas (Holdings) Plc (LON:EOG) and its partners have told investors that a new planning application has been submitted for the Wressle project in Lincolnshire.
Early this year, the oil field development project was denied planning permission by the North Lincolnshire County Council.
The new application addresses specific concerns raised by the council. It will now be validated by the council ahead of a consultation process, and, according to Europa, that typically takes two weeks.
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An appeal was previously submitted against the councils earlier refusal, as part of a ‘dual track’ approach which is seen by the partners as “the best opportunity for a successful planning outcome” that would allow Wressle to begin production with minimum delay.
In a note to clients, finnCap analyst Dougie Youngson said: “We and the JV believe that this two pronged approach is most likely to be successful.”
In late afternoon trading, Europa O&G shares were 7.4% higher at 7.25p.
Europa owns a 30% stake in Wressle alongside Egdon Resources Ltd (LON:EDR) which is operator and has 25%. The other partners include Celtique Energie Petroleum with 30% and Union Jack Oil with 15%.
Upland Resources Ltd (LON:UPL) has a deal in place to buy 10% of Wressle from Europa, though this deal is subject to the project receiving approvals (including planning permission).
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