Last checked at 11 Jan 2017 16:45
11 January 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wressle Planning Decision
Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, notes that Egdon Resources plc ("Egdon"), as Operator of petroleum exploration and development licenses ("PEDLs") 180 and 182, onshore UK, has today released an RNS announcement regarding the North Lincolnshire County Council's Planning Committee's decision to refuse planning consent for the development of the Wressle Oil Field.
At the same meeting the application for the installation of groundwater monitoring boreholes was approved.
Upland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK") has 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 Field, which agreement has still to be completed.
Egdon's RNS announcement contained the following information:
Egdon Resources plc (AIM:EDR) announces that the North Lincolnshire County Council's Planning Committee has today refused planning consent for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire.
Mark Abbott Managing Director of Egdon Resources plc, said:
"We are very disappointed by the decision of the Committee that goes against the positive recommendation of their Planning Officer which was determined after an extensive and thorough review of our proposalsÂ
Our business has been operating exploration and production sites in a safe and environmentally sensitive manner across the region for many years, engaging with communities, employing local people and investing in the local supply chain.
We will now take time to consider our options including our right to bring forward an appeal."
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Contact details:-
Upland Resources Limited | www.uplandres.com |
Steve Staley, CEO | Tel: 07891 677 441 s.staley@uplandres.com |
Optiva Securities Limited | www.optivasecurities.com |
Jeremy King (Corporate Finance) | Tel: 020 3137 1904 jeremy.king@optivasecurities.com |
Christian Dennis (Corporate Broker) | Tel: 020 3411 1882 christian.dennis@optivasecurities.com |
FlowComms Ltd | www.flowcomms.com |
Sasha Sethi (Investor Relations) | Tel: 07891 677 441 sasha@flowcomms.com |
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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.