Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Future of Wressle oil project remains in doubt after latest planning decision

“The Joint Venture partners are considering in detail the reasons for the refusals as contained in the decision notice and will review the options available."
oil and gas operations
Europa owns 30% of Wressle, though it had agreed to sell a 10% stake.

The future of the Wressle oil project remains in doubt following a decision by the UK planning inspectorate.

The inspector has rejected two appeals submitted by project operator Egdon Resources Plc (LON:EDR) which opposed two planning refusals by North Lincolnshire County Council’s Planning Committee.

READ: Europa Oil & Gas celebrates ‘record year’ for corporate activity

At the same time, however, the inspector also upheld Egdon’s appeal against the decision to refuse the application to retain the existing planning for the well site, which is retained until 28 April 2018. 

In a statement, Wressle stakeholder Europa Oil & Gas (Holdings) Plc (LON:EOG) told investors: “The Joint Venture partners are considering in detail the reasons for the refusals as contained in the decision notice and will review the options available.  A further update will be provided to the market in due course.”

Europa holds a 30% interest in Wressle, although a deal is in place to sell a 10% stake to Upland Resources Ltd (LON:UPL). Egdon owns 25%, Celtique Energie Petroleum has 33.33% while Union Jack Oil PLC (LON:UJO) owns 11.67%.

READ: UK set for ‘significant’ shale gas activity – Egdon Resources

Having discovered oil in a 2014 well, the partners had wanted to quickly develop the field, which would be a relatively small project, in order to establish an oil production operation that would have yielded a combined rate of around 500 barrels of oil per day from a number of intervals.

View full EOG profile View Profile

Europa Oil & Gas (Holdings) Plc Timeline

Related Articles

oil and gas operations
September 14 2018
In the longer term exploration drilling will tell, nonetheless, a near 3bn barrel 'pre-drill' resource is certainly attractive for speculative investors
oil and gas operations
September 20 2018
Spirit Energy, majority-owned by British Gas parent Centrica, is to fund a programme of new wells and cover Hurricane's costs for initial field development work for the Greater Warwick Area
oil and gas operations
Mon
“The shares have been range bound recently, however, we believe that CERP now has a stronger platform for achieving its combined organic and acquisitive growth strategy"

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use