Last checked at 11 Apr 2017 07:00
11 April 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wressle Development Update & Start of Appeal Process
Upland Resources Ltd., the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to note the update issued today by Egdon Resources ("Egdon" or "the Operator") regarding the Wressle Field development in North Lincolnshire. As Operator of petroleum exploration and development licences ("PEDLs") 180 and 182, Egdon has announced the commencement of the appeal process ("the Appeal") following the refusal of planning permission by the North Lincolnshire County Council ("the Council") on 11 January 2017, and has supplied further details regarding the new planning application announced on the 7th of February 2017.
Upland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK"), entered into a conditional agreement dated 24 November 2016 for the farm-in by Upland UK (by way of assignment from Europa Oil & Gas Limited) to a 10% interest in each of UK onshore PEDLs 180 and 182, including the Wressle development (the "Wressle Farm-in Agreement"). Completion of the Wressle Farm-in Agreement is conditional on receipt of certain planning and other approvals which may be waived at Upland's discretion.
The full text of the announcement from Egdon Resources is set out below. Highlights include:
· The Appeal documentation is anticipated to be validated by the Planning Inspectorate within the next 1-2 weeks;
· In parallel, the new planning application will be submitted in April 2017;
· The Environmental Permit is expected to be issued towards the end of that same month;
· Water monitoring boreholes were successfully installed on the existing Wressle site in February 2017.
Steve Staley, Upland Resources CEO, commented:
"We are pleased to note the positive actions of Egdon and the Joint Venture partners to expedite both the appeal and the new planning application related to the Wressle Field development. While only one of several exciting opportunities for Upland, we look forward to continuing to work with Egdon and the other partners in progressing the Wressle development through the final stages of planning permissions. Production from Wressle will be an important milestone for the business, whilst the permit area also holds further upside potential."
**Ends**
Contact details:
Upland Resources Limited | www.uplandres.com |
Steve Staley, CEO | s.staley@uplandres.com |
Optiva Securities Limited | www.optivasecurities.com |
Jeremy King (Corporate Finance) | Tel: +44 (0)20 3137 1904 jeremy.king@optivasecurities.com |
Christian Dennis (Corporate Broker) | Tel: +44 (0)20 3411 1882 christian.dennis@optivasecurities.com |
FTI Consulting | |
Edward Westropp
| Tel: +44 (0)203 727 1521edward.westropp@fticonsulting.com |
Notes
Upland is an upstream oil & gas company whose highly experienced management has a track record of creating major value for shareholders in junior oil & gas companies, including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc. Upland is taking advantage of the current market conditions to acquire quality upstream assets on attractive terms.
Full text of Egdon Resources' announcement
"Egdon Resources plc (AIM:EDR) announces that it will today start the appeal process through the Planning Inspectorate in respect of the decision by North Lincolnshire County Council ("the Council") on 11 January 2017 to refuse planning consent for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire.
It is expected that the Planning Inspectorate will validate the appeal documentation within the next 1-2 weeks and will then notify Egdon and the Council of the start date and timetable for the appeal process.
As previously announced, we will in parallel submit a new planning application for the Wressle development which will include even more detailed information to address the specific concerns outlined by the Council in their refusal. This application will be submitted during April.
We also anticipate that the Environmental Permit for Wressle should be issued towards the end of April, subject to the outcome of the current consultation process on the draft permit which closes shortly.
In addition we can advise that the water monitoring boreholes for the site, for which planning consent was received at the 11th January 2017 planning meeting, were successfully installed on the existing Wressle well site during February 2017."