Egdon Resources plc (AIM:EDR) is pleased to announce the acquisition of the producing Fiskerton Airfield oil field in Lincolnshire licence EXL294.
Egdon Resources plc (or “the Company”) will acquire a 100% interest in, and operatorship of the Fiskerton Airfield oil field from Cirque Energy (UK) Ltd (“Cirque”) for a cash consideration of $750,000 (c. £0.59 million) payable from existing cash resources upon completion. The effective date of the acquisition will be 1st January 2017.
Egdon Resources plc (AIM:EDR) announces that the North Lincolnshire County Council’s Planning Committee has today again 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 again goes against the positive recommendation of their Planning Officer which was determined after an extensive and thorough review of our proposals which included more detailed information to address the specific concerns outlined by North Lincolnshire Council in their refusal of the original application on 11 January 2017.
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 forward our appeal against the original 11 January 2017 determination which is due to be heard in November 2017.”
Egdon Resources plc (AIM:EDR) notes that North Lincolnshire County Council’s Planning Committee will meet on Monday 3 July 2017 to determine the new planning application for the Wressle Development which includes additional detailed information to address the specific concerns raised by North Lincolnshire County Council in its 11 January 2017 decision to refuse the original application.
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.