LONDON (Alliance News) - Egdon Resources PLC said Wednesday it remains confident it will secure planning consent to develop the Wressle Oil discovery, onshore UK.
At the beginning of August, the company said its application to extend planning consent at Wressle had been denied by North Lincolnshire Council.
"The company has a broad and extensive portfolio of projects and despite operating in what are, at present, challenging conditions for the UK onshore in terms of planning, we continue to make progress with many of our projects," Managing Director Mark Abbott said.
Egdon added production during the second half of its year ended July 31 came from Ceres, Keddington and Fiskerton Airfield, all located in the UK, and totalled 12,691 barrels of oil equivalent, lower year-on-year from 21,464 barrels of oil equivalent.
"Average daily production over the full year is therefore 84 barrels of oil equivalent per day against guidance of 100 boepd with the shortfall mainly due to the loss of six weeks' production at Ceres," the company said.
The lost six weeks were a result of planned maintenance and the outlook for Ceres is positive, Egdon said, with production expected to resume in October when a new flowmeter will be installed, boosting production.
The company expects over 125 barrels of oil equivalent per day from Ceres in the first half of its current financial year, with the first half ending January 31.
Egdon will confirm its production guidance for the first half with its preliminary results, but an initial estimates is around 160 to 180 barrels of oil equivalent per day.
The company will publish its results for its year ended July 31 on October 30. Egdon shares were flat at 8.50 pence each Wednesday.