Egdon Resources plc (AIM:EDR) is pleased to announce completion of the acquisition of an interest in a licence in the Company’s East Midlands core area.
Egdon is acquiring a 50% interest in PEDL278 (UK National Grid Block SE51b) from Celtique Energie Petroleum Limited (“Celtique”) and Investcan Ltd. (“Investcan”) who were originally awarded the licence in the 14th Round. Egdon and Island Gas Ltd (IGas, operator) are each acquiring a 50% interest in the licence from Celtique and Investcan for a nominal cash consideration. The acquisition has already been approved by the Oil and Gas Authority (OGA).
The licence contains the Kirk Smeaton tight gas discovery (RTZ, 1985) and other conventional and unconventional prospectivity. This acquisition adds 4,695 net acres to Egdon’s unconventional resources position which now amounts to a total net area of ca. 205,800 acres.
Commenting on this new acquisition, Mark Abbott, Managing Director of Egdon Resources plc, said:
“We are pleased to acquire a material holding in a licence containing the 1985 Kirk Smeaton tight gas discovery and further prospectivity at minimal cost. This acquisition is consistent with our strategy of enhancing Egdon’s position in core areas where we see significant oil and gas potential.”
Egdon Resources plc (AIM:EDR) is pleased to announce the issue by the Environment Agency of the variation to the Mining Waste Permit for the planned Wressle field development and associated operations.
The issue of the permit is a key regulatory approval in the proposed Wressle development, and provides support to the new Planning Application as submitted on 28 April 2017.
Commenting on the permit approval, Mark Abbott, Managing Director of Egdon said:-
“After a long and extremely thorough review of our proposals by the Environment Agency, we are pleased to receive the variation to our environmental permits for the proposed Wressle development and associated operations. This validates our position that the planned operations and procedures will prevent, mitigate and minimise environmental impacts. Egdon takes its safety, environmental and social obligations very seriously and is committed to maintaining the highest standards. We are confident that this will be recognised in the outcome of the new Planning Application.”
Egdon Resources plc (AIM:EDR) announces the submission on 28 April 2017 of a new Planning Application (“the Application”) for the Wressle field development. The Application includes additional detailed information to address the specific concerns raised by North Lincolnshire Council in its 11 January 2017 decision to refuse planning consent for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire. The Application will now be validated by North Lincolnshire Council planning department, a procedure that usually takes one to two weeks.
As previously announced on 11 April 2017, Egdon has already submitted an appeal against North Lincolnshire County Council’s decision to refuse planning consent.
Egdon believe that this dual track approach will provide the best opportunity for a successful planning outcome with the minimum delay.
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 submitted 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 the Company will in parallel submit a new planning application for the Wressle development which will include even more detailed information to address the specific points raised by the Council in their refusal. This new planning application will be submitted during April.
The Company also anticipates that the Environmental Permit for Wressle should be issued by the Environment Agency towards the end of April, subject to the outcome of the current consultation process on the draft permit which closes shortly.
In addition, the water monitoring boreholes for the site, for which planning consent was received from the Council at the planning meeting on 11 January 2017, were successfully installed on the existing Wressle well site during February 2017.
Commenting on the update Mark Abbott, Managing Director said: “We believe our case for the appeal is very strong and we will look to progress both the appeal and the new application through the planning system as quickly as possible. We believe this dual track approach will provide the best opportunity for a successful outcome with the minimum delay.“