Europa Oil & Gas (Holdings) Plc (LON:EOG) anticipates that the start of drilling at the Holmwood well will be delayed into the first half of 2018 after Surrey County Council deferred its decision due to a traffic management scheme attached to the project.
The council has asked for additional information. Europa, which operates Holmwood, said it will consult with its joint venture partners and advisers in order to respond to the council’s request.
READ: UKOG shares rise as Surrey County Council green lights new Horse Hill programme
The county council, however, approved an application to install a security fence for Holmwood drill site.
Europa owns a 20% stake in the Holmwood project, which is targeting a conventional oil prospect but will also gather information on the Kimmeridge oil play in this area.
READ: US$1.2bn Corrib stake sale is “very exciting” news for Europa Oil & Gas - analyst
Earlier this week, UK Oil and Gas Investments PLC (LON:UKOG) and partners secured planning approval from Surrey County Council for a new programme at the Horse Hill project - including one new well, one side-track and extended production testing.
UKOG owns a 30% stake in Holmwood alongside Europa, and the other partners include Edgdon Resources Plc (LON:EDR) with 18.4%, Angus Energy Plc (LON:ANGS) with 12.5%, Warwick Energy with 10%, Union Jack Oil PLC (LON:UJO) with 7.5% and Altwood Petroleum with 1.6%.