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.“
Egdon Resources plc (AIM:EDR), the UK-based exploration and production company with a primary focus on the hydrocarbon-producing basins of the onshore UK, announces its unaudited interim results for the six months ended 31 January 2017. A presentation for analysts will be held at 9:30am on 11 April 2017 at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.
Overview and Highlights
Operational and Corporate
Successful placing and open offer to raise £5.06 million before costs in December 2016
- Acquisition of additional interests in PEDL068, PEDL201, PEDL306 and PEDL334
- Planning consent granted to operator IGas to drill up to two exploratory wells in Misson Springs, North Nottinghamshire. (Egdon 14.5% interest). Egdon is carried on these initial wells by Total
- ERC Equipoise reported an independent assessment of the undiscovered gas initially in place (GIIP) in ten previously unassessed licences resulting in a Company combined mean of 50 trillion cubic feet of gas (“TCF”)
- Production in line with current forecast totalling 16,882 barrels of oil equivalent (“boe”) (94 barrels of oil equivalent per day “boepd”) (H1 2016: 37,543 boe; 204 boepd)
- Refusal of planning consent for development of the Wressle oil field
- Gross oil and gas revenues during the period £0.51 million (H1 2016: £1.05 million)
- Loss for the period of £0.73 million (H1 2016: loss of £2.00 million after accounting for impairments of £0.5 million at Waddock Cross and the revaluation of £0.3 million of the Ceres accrued income)
- The Company has no debt (H1 2016: Nil)
- Net current assets as at 31 January 2017 of £8.00 million (H1 2016: £6.06 million) including cash at bank of £6.80 million (H1 2016: £5.26 million)
Post Balance Sheet Events
- Decision to progress both an appeal and a new application for the Wressle development
- Acquisition of additional interest in deep potential of PEDL209 and restructuring of Total option agreement
Commenting on the results, Philip Stephens, Chairman of Egdon said:
“In a period of further progress we were pleased to complete an equity cash raising of £5 million in December 2016, which has significantly strengthened our balance sheet. An independent evaluation of the net gas in place for our unconventional resources has given a figure of 50 TCF which shows a considerable increase over the last estimate made two years ago. Our conventional portfolio contains a number of very attractive prospects the value of which we expect to be able to realise in the next 12 to 18 months”