Holmwood Update
Egdon Resources plc (AIM:EDR), notes the following announcement made today by Europa Oil and Gas (Holdings) plc on behalf of the operator of the Holmwood Licence PEDL143, of which Egdon holds 18.4% interest:
Operations Update
Egdon Resources plc (AIM:EDR), the exploration and production company with a focus on the onshore UK, is pleased to provide an update on operations following the end of the Company’s 2017-2018 financial year (“FY2018”) which ended on 31 July 2018. The Company’s preliminary results for FY2018 are scheduled to be announced on 30 October 2018.
Mark Abbott, Managing Director of Egdon Resources plc, said:
“The Company has a broad and extensive portfolio of projects and despite operating in what are, at present, challenging conditions for the UK onshore in terms of planning, we continue to make progress with many of our projects.
During FY2018 we have completed the acquisition of the Endeavour gas discovery as a potential add-on to Resolution, increased production rates at Fiskerton Airfield, and successfully farmed out PEDL253 to allow us to proceed with drilling the very prospective Biscathorpe-2 exploration/appraisal well.
The anticipated upgrade to the reserves at Ceres means that the field should produce gas and therefore provide cash flow for the Company for longer than was previously forecast. We remain confident that we will eventually gain planning consent to develop the Wressle oil discovery and have successfully acquired a further 5% interest in this asset. Finally, the Springs Road wellsite is almost complete and we expect the well, which could be a “play opener” in the Gainsborough Trough, to be drilled during the coming period.” (Read more…)
Wressle Existing Planning Consent Extension Refused
Egdon Resources plc (AIM:EDR) advises that its application to extend planning consent for the Wressle site to 1 August 2019 was refused at today’s meeting of the North Lincolnshire Council Planning Committee (“the Committee”). The application had been recommended for approval by North Lincolnshire County Council’s planning officers.
Mark Abbott, Managing Director of Egdon Resources plc, said: “The decision of the Committee is clearly disappointing given that the application had been recommended for approval by North Lincolnshire Council’s own professional planning officers, that an appeal for a previous refusal of such an application had been successful and that we have recently submitted a new application for the development of the Wressle oil field which we strongly believe comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals. We intend to appeal this decision without delay and will begin preparing documentation on receipt of the Committee’s decision notice.”