Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project (“Biscathorpe”) in Lincolnshire Licence PEDL253 where the Company holds a 35.80% operated interest.
Further to our announcement of 10 November 2020, Egdon is pleased to advise that on 26 February 2021 it has submitted an application to Lincolnshire County Council (“LCC”) as the Mineral Planning Authority, for planning permission for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe-2 Wellsite, High Street, Biscathorpe, Louth, Lincolnshire. As the proposed development was screened by LCC as being EIA development, the application was accompanied by an Environmental Statement.
The planning application will now be validated before LCC commences consultation on the proposals.
Subject to receipt of planning and other consents, the Biscathorpe-2Z side-track conventional appraisal well could potentially be drilled in H2 2021 and would target the Dinantian Carbonate and Basal Westphalian Sandstone reservoirs.
Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:
“We are pleased to confirm submission of a thorough and robust planning application, completed within the expected timeframe despite the challenges of the current operating environment. We thank our advisors and consultants for their thorough and professional work and look forward to updating stakeholders as the planning consultation progresses.
Biscathorpe represents a material and financially robust opportunity to secure an indigenous oil resource which would generate local and regional economic benefits and have a lower carbon footprint when compared to imported oil.”