25 Jul 2013 16:21
25 July 2013
EGDON RESOURCES PLC
("Egdon" or "the Company")
Favourable Holmwood High Court Decision
Egdon Resources plc (AIM:EDR) notes the release made today by Europa Oil and Gas (Holdings) plc ("Europa") announcing the successful result of a High Court challenge in relation to the drilling of an exploratory well at the Holmwood prospect ('Holmwood') in Weald Basin licence PEDL143 located in Surrey, where the Company holds a 38.4% interest.
Egdon regards this judgement as a positive outcome and will now consider the next steps forward regarding PEDL143 with the joint venture partners, Europa (operator, 40%), Warwick Energy (20%) and Altwood Petroleum (1.6%). This judgment means that the Inspector's decision is quashed and the appeal will be remitted to the Planning Inspectorate for redetermination, which may involve a further planning Inquiry, for the exploratory drill site at Holmwood.
As announced by Europa on 1 November 2012, the PEDL143 joint venture partners applied for an order to quash the decision of the Secretary of State for Communities and Local Government's appointed Inspector to dismiss their appeal against Surrey County Council's refusal to grant planning permission to drill one exploratory borehole and undertake a short term test for hydrocarbons at the Holmwood prospect drill-site.
The judge, Mr Justice Ouseley, gave judgement in favour of quashing the Inspector's decision at 3pm on 25 July 2013 in the Royal Courts of Justice. The judge granted the Leith Hill Action Group leave to appeal, to the Court of Appeal, against his judgment.
For further information please contact:
Egdon Resources plc
Mark Abbott, Jerry Field 01256 702292
Buchanan
Richard Darby, Gabriella Clinkard, Tom Hufton 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Rick Thompson (Corporate Finance) 020 7894 7000
Richard Redmayne (Corporate Broking)
Notes to Editors:
Egdon Resources plc
Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and France.
Egdon currently holds interests in thirty licences in the UK and France and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator in both the UK and France.
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.