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Wressle Forward Plan

Thu, 18th Jan 2018 07:00

RNS Number : 1895C
Egdon Resources PLC
18 January 2018

18 January 2018

EGDON RESOURCES PLC

("Egdon" or "the Company")

Wressle Forward Plan

Egdon Resources plc (AIM:EDR) can advise the forward plan for the Wressle oil field development following the decision made by the Planning Inspector issued on 4 January 2018, to reject the appeals by Egdon against the two planning refusals by North Lincolnshire Council's Planning Committee.

Having taken legal and planning advice and having fully considered the specific reasons for rejection of the appeals as set out by the Inspector in his Decision Notice, the Company can advise that it will now:

a) Prepare and submit a new planning application to North Lincolnshire Council seeking its consent for the Wressle oil field development. This application, which will be submitted prior to the expiry of the current planning consent, will address in detail all matters highlighted by the Inspector in his Decision Notice to dismiss the appeals; and

b) Prepare and submit a new application to North Lincolnshire Council to extend the current planning consent (which now expires on 28 April 2018 following our successful appeal) to ensure that North Lincolnshire Council has sufficient time for consideration of the new application and to maintain consent for the current site.

We remain fully prepared to take these new planning applications through the appeals process should they be delayed or refused.

In addition, we continue to take legal advice in respect of the Decision Notice.

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

"Egdon and its joint venture partners remain fully committed to the Wressle project and the proposed new application will address the limited reasons for refusal highlighted by the Inspector. I look forward to updating the market on Wressle in due course.

Elsewhere within Egdon's extensive portfolio, the coming period will see potentially high impact drilling activity at Springs Road, Biscathorpe, Holmwood and possibly North Kelsey, and the results of workovers at Fiskerton Airfield. We are also developing plans for the Keddington, Kirkleatham, Dukes Wood/Kirklington and Waddock Cross fields which will benefit from the improving oil price."

For further information please contact:

Egdon Resources plc

Mark Abbott 01256 702 292

Buchanan

Ben Romney, Anna Michniewicz 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:

Wressle:

The Wressle-1 well was drilled in 2014 and tested in 2015. 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/

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 now retained until the 28 April 2018.

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.

This information is provided by RNS
The company news service from the London Stock Exchange
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