LONDON (Alliance News) - Egdon Resources PLC on Thursday said the planning consent application for its Wressle oil discovery in North Yorkshire has been recommended for approval.
Shares in Egdon were up 8.8% at 8.27 pence on Thursday.
The application will be considered by a meeting of the North Lincolnshire Council Planning Committee next Wednesday and has been recommended subject to conditions.
Onshore exploration company Egdon has twice been refused planning consent for the development of the oil field, starting in January 2017, and its appeals against these decisions also were rejected. Egdon holds a 30% stake in the project and is its operator.
"We hope that the members of the planning committee will agree with the considered recommendation of their professional planning officer (supported in this case by specialist advisers), the various regulatory authorities and statutory consultees and approve the application at next week's meeting," said Egdon Managing Director Mark Abbott.
Union Jack Oil PLC holds a 28% working interest in Wressle. Shares in Union Jack were down 2.5% at 0.11p.