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Europa Oil & Gas’s Wressle field gets significant planning boost

If the development of Wressle proceeds, the asset would see Europa’s onshore UK production volumes double.

oil and gas operations
The public inquiry is slated for November

Europa Oil & Gas Holdings Plc’s (LON:EOG) 30% owned Wressle onshore oil field development has received a significant boost as efforts continue to secure planning permission.

The company revealed that the North Lincolnshire Council has withdrawn its case in respect of an upcoming appeal which seeks to overturn a past refusal of planning consent.

It noted that this decision at the council follows a closed meeting held on 17 July 2019 during which the Council elected not to present evidence at a Public Inquiry, slated for 5 November.

READ: Europa Oil & Gas looks to new frontiers in Ireland and Morocco

Operator Egdon Resources, in a statement, said: “While the company considers this to be a very positive development, we still need to obtain planning permission via appeal and the company remains focused on presenting its case for the Wressle development to the independent professional Planning Inspector in November.”

A successful development of Wressle would see Europa’s onshore UK production volumes double to around 200 barrels of oil per day (bopd).

Wressle is expected to produce at a rate of around 500 bopd to begin with.

Quick facts: Europa Oil & Gas Holdings PLC

Price: 1.15 GBX

AIM:EOG
Market: AIM
Market Cap: £5.11 m
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