24 Jul 2018 07:00
24 July 2018
EGDON RESOURCES PLC
("Egdon" or "the Company")
Planning Update for Holmwood Exploration Well in the Weald Basin
Egdon Resources plc (AIM:EDR) notes the following announcement made today by Europa Oil and Gas (Holdings) plc the operator of the Holmwood Licence PEDL143:
| "Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to provide a planning update regarding the Holmwood conventional oil exploration prospect in the Weald Basin ('Holmwood') on Licence PEDL 143 at Bury Hill Wood, Coldharbour Lane, Surrey. Europa Oil & Gas Limited is operator of PEDL 143 in which it holds a 20% interest. Europa will today submit a planning application to Surrey County Council seeking a Variation of conditions 3 and 19 (i) of Appeal Decision APP/YB3600/A/11/2166561, to extend the temporary period of the permission for the well site by a further 3 years and to remove the requirement for the scheme to include an identified HGV holding area. It has also applied today for two other associated planning applications - for the underground drilling corridor and for the temporary security fence, which is to be erected around the well site. Europa also confirms that the Oil and Gas Authority has extended the Initial Term of Licence for PEDL 143 until 30 September 2020. The Environment Agency granted a mining waste permit number EPR/YP3735YK on 23 July 2018. The permit authorises the management of extractive wastes not involving a waste facility to allow the drilling and testing of a single well for the purposes of onshore oil and gas exploration. The Environment Agency has also granted a radioactive substances regulation permit and an oil storage permit (both Standard Rules) Europa is the operator of PEDL 143, in which it holds a 20% interest, alongside UK Oil & Gas Investments plc 40%, Egdon Resources plc 18.4%, Angus Energy plc 12.5%, Union Jack Oil plc 7.5% and Altwood Petroleum 1.6%." |
Following farm-out to UK Oil & Gas Investments plc, Egdon is fully carried on its remaining 18.4% share of the exploration well costs up to a cap of £3.2 million.
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 / Alex Pollen (Sales)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
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.
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.