EDR.L Share News (EDR)

(ShareCast News) - Shares in Egdon Resources and Union Jack Oil tumbled after the North Lincolnshire County Council's refused planning consent for the development of the Wressle oil field in North Lincolnshire.The planning committee also approved the application for the installation of groundwater monitoring boreholes.Egdon managing director Mark Abbott Resources said he was "very disappointed" by the decision of the planning committee that he said "goes against the positive recommendation of their planning officer which was determined after an extensive and thorough review of our proposals".He added that: "Our business has been operating exploration and production sites in a safe and environmentally sensitive manner across the region for many years, engaging with communities, employing local people and investing in the local supply chain. We will now take time to consider our options including our right to bring forward an appeal."Union Jack holds an 11.67% interest in the PEDL180 and PEDL182 licences.