LONDON (Alliance News) - Oil and gas exploration company Egdon Resources PLC said Wednesday that its application to extend planning consent at the Wressle oilfield has been denied.
Shares in Egdon closed down 13% at 8.80 pence on Wednesday.
The planning application was submitted to North Lincolnshire Council in early July and was intended to address issues in its previous application, which was also refused. The council's planning officers had, Egdon said, recommended approval of the extension but permission was nonetheless denied.
"The decision...is clearly disappointing given that the application had been recommended for approval by North Lincolnshire Council's own professional planning officers," said Egdon Managing Director Mark Abbott.
"We intend to appeal this decision without delay and will begin preparing documentation on receipt of the committee's decision notice," Abbott added.
Union Jack Oil PLC, which owns a 27.5% interest in the Wressle oilfield, made note of the refusal. Union Jack shares declined 13.3% to 0.089 pence.