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Egdon Resources PLC - Operations Update - Wressle Planning

Fri, 25th Jan 2019 07:00

RNS Number : 0652O
Egdon Resources PLC
25 January 2019
 

 

            25 January 2019

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

Wressle: Extension of Existing Planning Consent Approved on Appeal

Egdon Resources plc (AIM:EDR) is pleased to advise that its application to extend the existing planning consent for the Wressle site by a year, was approved by the Planning Inspector on appeal yesterday.  The original application was refused by North Lincolnshire Council's (the "Council") Planning Committee on 1 August 2018, despite having been recommended for approval by the Council's Planning Officer.

This extension to the existing planning consent to 24 January 2020 should allow the required time for the determination of an appeal against the refusal on 28 November 2018 by the Council's Planning Committee of the Company's application for the development of the Wressle oil field.

Mark Abbott, Managing Director of Egdon Resources plc, said:

"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. 

 

We strongly believe that the new proposals for the development of the Wressle oil field comprehensively addressed the reasons highlighted by the Planning Inspector in his dismissal of our original appeals in January 2018. This position was supported by the recommendation for approval given by the Council's Planning Officer as reinforced by an expert third party review undertaken on behalf of the Council,

 

We plan to submit the appeal documentation in relation to this in the coming week."

 

For further information please contact:

 

Egdon Resources plc

Mark Abbott                                                                                    01256 702 292

 

Buchanan

Ben Romney, Chris Judd                                                                020 7466 5000

 

Nominated Adviser and Broker - Cantor Fitzgerald Europe               

David Porter/Nick Tulloch (Corporate Finance)                              020 7894 7000

Caspar Shand Kydd / Gregor Paterson (Sales)

 

Joint Broker - VSA Capital Limited

Andrew Monk (Corporate Broking)                                                 020 3005 5000

Andrew Raca (Corporate Finance)

 

Notes to Editors:

 

Wressle:

 

The Wressle-1 well was drilled in 2014 and tested in 2015. Egdon Resources has a 30.00% operated interest in the field. The Wressle-1 well has flowed oil and gas from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.  This totalled 710 barrels of oil equivalent per day from all zones.  In September 2016 a Competent Person's Report made independent estimates of Reserves and Contingent and Prospective oil and gas Resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C).  Further information can be found at our Wressle Oil and Gas Discovery page http://www.egdon-resources.com/home/project-sites/wressle/  

 

Planning history:

 

On 11 January 2017, North Lincolnshire Council refused planning consent for the original application for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire.

 

On 7 February 2017, Egdon announced that it would both appeal the decision of 11 January 2017 and in parallel submit a new Planning Application for the Wressle development which would include even more detailed information to address the specific concerns outlined by North Lincolnshire Council in their refusal.

 

On 11 April 2017, Egdon submitted an appeal against North Lincolnshire Council's decision to refuse planning consent.

 

On 28 April 2017, Egdon submitted a new application for the Wressle Development including additional detailed information to address the specific concerns raised by North Lincolnshire Council in its 11 January 2017 decision to refuse the original application for the development of the Wressle Oil Field.

 

On 19 May 2017, Egdon announced the issue by the Environment Agency of the variation to the Mining Waste Permit for the planned Wressle field development and associated operations.

 

On 3 July 2017, the new planning application was also refused.  The variation of the existing planning for the site requesting a twelve month extension was also refused at the same meeting.

 

During November 2017, a planning inquiry was held to consider the two appeals for development approval and the appeal of the variation of the existing planning for the site.  On 5 January 2018, we announced that the Inspector had rejected the appeals by Egdon against the two planning refusals by North Lincolnshire County Council's Planning Committee.  However, the Planning Inspectorate did uphold Egdon's appeal against the decision to refuse the application to retain the existing planning for the well site, which is was retained until the 28 April 2018.

 

A new application to extend the current planning consent was submitted on 13 April 2018 and refused 1 August 2018 and the company announced its intention to appeal the decision. On 24 January 2019, the Planning Inspector upheld the Egdon Appeal and awarded planning consent to 24 January 2020.

 

On 5 July we announced the submission to North Lincolnshire Council of a new planning application for the development of the Wressle oil field.  This application was refused 28 November 2018 and will soon be appealed.

 

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK. 

 

Egdon holds interests in 44 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets.  Egdon is an approved operator in the UK. 

Egdon was formed in 1997 and listed on AIM in December 2004.

 

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience. 

Evaluation of hydrocarbon volumes has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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