viewEgdon Resources Plc

Wressle partners Europa Oil & Gas, Egdon Resources and Union Jack react to latest planning disappointment

"The decision of the committee is clearly disappointing given that the application had been recommended for approval,” said Mark Abbott, managing director of project operator Egdon Resources

oil and gas operations
The new application was submitted about a month ago

A further planning roadblock has been revealed for the Wressle oil project onshore UK, in Lincolnshire, where the latest decision has gone against the group of companies hoping to bring the new field into production.

On August 1, the North Lincolnshire Council Planning Committee refused an application to extend planning consent for the Wressle site to 1 August 2019.

A separate, new planning application was made last month.

WATCH: Sigh of relief after Wressle re-submission

Egdon Resources Plc (LON:EDR), the project operator highlighted in a stock market statement that the application had been recommended for approval by the council’s own planning officers.

"The decision of the committee is clearly disappointing given that the application had been recommended for approval,” said Mark Abbott, Egdon managing director.

Abbott also highlighted that Egdon had recently submitted a new application for the development of the Wressle oil field and, according to the company, the new documents comprehensively address the reasons for the refusal of the original planning applications and subsequent appeals.

Hugh Mackay, chief executive of 30% stakeholder Europa Oil & Gas Holdings Plc (LON:EOG), in a separate statement, added: “The board of Egdon has been forthright in its intention to appeal this decision and we will stand by for further updates in due course.

“Bringing Wressle on-stream would augment our current net daily production to approximately 250 bopd and generate a valuable revenue stream for reinvestment across our multi-stage portfolio of licences onshore UK and offshore Ireland. 

“With this in mind, we remain hopeful of a resolution to the outstanding issues to ensure a satisfactory outcome for all parties.”

Union Jack Oil PLC (LON:UJO), meanwhile, retains a 27.5% stake in Wressle, alongside fellow partner Humber Oil & Gas Ltd which has 12.5%.

Quick facts: Egdon Resources Plc

Price: 2.25 GBX

Market: AIM
Market Cap: £6.82 m

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