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LONDON (Alliance News) - Union Jack Oil PLC and Egdon Resources PLC on Friday said an extension of existing planning consent for the Wressle oil field in North Lincolnshire has been approved on appeal.
The North Lincolnshire Council refused the application in August. However, following an appeal, the planning inspector has now granted approval for a one-year extension.
This does not conclude the exploration firms' planning permission woes at Wressle. In late November, North Lincolnshire Council also refused consent for development of the Wressle field.
Union Jack and Egdon have both said that this recent extension of existing consent "should allow the required time for the determination of an appeal" against this second refusal.
"We are pleased and encouraged that the Inspector supported our position in relation to this appeal. We look forward to a planning inspector considering at a public inquiry our appeal against the refusal in November 2018 of our revised development proposals for the Wressle oil field," said Egdon Managing Director Mark Abbott.
"We plan to submit the appeal documentation in relation to this in the coming week," Abbot added.
Union Jack Executive Chair David Bramhill echoed Abbot's sentiments.
Union Jack holds a 27.5% stake in Wressle while Egdon, the field's operator, holds 30%. Europa Oil & Gas Ltd holds a further 30% and Humber Oil & Gas holds 12.5%.
Shares in Egdon were up 3.8% at 8.25 pence on Friday and Union Jack shares were up 4.5% at 0.15 pence.