Egdon Resources PLC - Gloucestershire, England-based oil and gas explorer and producer - Withdraws planning appeals related to the refusal of planning consent for exploratory drilling at its North Kelsey oil sight in Lincolnshire. Says the decision comes about following advice from a planning inspector. Last year, Lincolnshire County Council refused Egdon's right to extend the timeframe of an existing planning and drilling permit at North Kelsey. A hearing was due to take place next week to determine whether the council was right to refuse planning permission. A new planning application for consideration by the council will be submitted by Egdon, as well as recently updated traffic, ecology and flood risk assessments. Union Jack Oil PLC, Bath-based, hydrocarbon production, development and exploration company which holds a 50% stake in the licence, notes Egdon's announcement. Together, they hold the PEDL241 joint venture, where North Kelsey is situated.
Egdon Managing Director Mark Abbott says: "Whilst it is disappointing to have to withdraw the appeals at this late stage and with the strong belief that our case for approval was compelling, we and our advisors unfortunately saw little option given that a lateral borehole is key to the exploratory drilling, and to ensure clarity and robustness in any decision made."
Current Egdon Resources stock price: 4.30 pence, down 1.2% on Tuesday
12-month change: up 6.2%
Current Union Jack Oil stock price: 26.80 pence, down 1.1% on Tuesday
12-month change: up 5.1%
By Sabrina Penty, Alliance News reporter
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