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.
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.”
Egdon Resources plc (AIM:EDR) notes the following
- The press release made today by Infinis Energy Services (“Infinis”) (100% owner of Alkane Energy Limited (“Alkane”) confirming the completion of its sale to Petrichor Holdings Coöperatief U.A (“Petrichor”) of 35,870,487 Egdon Ordinary Shares held by Alkane (representing 13.797 per cent. of the issued share capital of the Company) and the placing by VSA Capital (“VSA”) to an institutional investor of a further 4,129,513 Ordinary Shares (representing 1.588 per cent of the issued share capital of the Company);
- The effective price of the transactions was 12.8 pence per ordinary share (representing a 22% premium over the Company’s closing mid-price of 10.5 pence per share on 25 July 2018);
- The TR-1 Notification filed by Infinis confirming it no longer holds an interest in the Company; and
- The TR-1 Notification filed by Petrichor confirming it has acquired further shares in Egdon raising its interest to 29.99 per cent (77,969,448 Ordinary Shares).