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."
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LON:UPL
Upland seeks material stakes in oil and gas plays that represent an attractive risk – reward balance for its shareholders. We use our broad industry experience, excellent contacts and technical expertise to source, assess and secure the best assets. We are able to move quickly to an investment decision. Upland will consider acquiring stakes in assets ranging from frontier exploration to existing production and can participate through both farm-ins and applications for open acreage. Upland has a large degree of flexibility in choosing the form of the joint venture and hence is better able to provide a mutually beneficial partnership to its co-venturers.
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“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."
It is part of a 'dual track' approach - which also includes an already submitted appeal to North Lincolnshire County Council's original denial in January.
Europa’s CEO, Hugh Mackay said: “The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded”
The deal to sell 10% of Wressle to Upland Resources was agreed in November, and it has now been extended until the end of September 2017.
“I am very pleased that the OGA has approved Upland UK's increased stake in PEDL 299,” said Steve Staley, Upland Resources chief executive.
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Europa’s remaining stake in Wressle is valued at £3.7mln by this latest deal.
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