(Alliance News) - Egdon Resources PLC on Friday said it won its appeal and has been granted planning consent to develop the Wressle oilfield in north Lincolnshire.
Shares in Egdon were up 23% at 5.40 pence in London in morning trading.
The North Lincolnshire Council Planning Committee rejected the application for development of Wressle in licences PEDL180 and PEDL182 in November 2018.
However, the council did not present evidence at the appeal as it withdrew its case following the agreement of acceptable planning conditions in August.
Nonetheless, operator and 30% Wressle owner Egdon still had to present its own case to the planning inspectorate in November in order to obtain planning permission for Wressle. Its appeal was upheld and planning consent granted.
The planning inspector also allowed Egdon's application for an award of costs against the council.
Egdon Managing Director Mark Abbott said: "I am delighted that the planning inspectorate has made this positive determination in relation to this important asset for Egdon and our [joint venture] partners.
"We will now begin work on discharging the planning conditions and the detailed planning for the development works. We will continue to keep shareholders and the local community informed."
Europa Oil & Gas Holdings PLC, which has a 30% working interest in Wressle, and 28% economic interest holder Union Jack Oil PLC, both noted the announcement. The other 13% stake is held by Humber Oil & Gas Ltd.
Shares in Europa Oil & Gas were up 8.9% at 2.94p, while Union Jack shares were up 5.4% at 0.17p.
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Europa Oil & Gas (EOG)
Union Jack (UJO)