RNS Number : 9533K
Upland Resources Limited, the oil and gas company actively building a portfolio of attractive upstream assets, notes today’s announcement by Egdon Resources (“Egdon“) to appeal the decision of the North Lincolnshire Council Planning Committee of 3 July 2017. This decision included the refusal of planning consent, for a second time, for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire (Application PA/2017/696).
Egdon, as Operator of Petroleum Exploration Development Licenses (“PEDLs“) 180 and 182, intends to appeal the decision and co-join it with the pre-existing appeal against the refusal of planning permission of 11 January 2017. Notices advertising Egdon’s intent will be published locally in accordance with planning law.
In addition, Egdon has advised that it will separately appeal the decision of the 3 July 2017 meeting to refuse a twelve month extension to the existing planning for the site (Application PA/217/268).
Upland’s wholly-owned subsidiary, Upland Resources (UK Onshore) Limited (“Upland UK“), entered into a conditional agreement dated 24 November 2016 for the farm-in by Upland UK (by way of assignment from Europa Oil & Gas Limited) to a 10% interest in each of PEDLs 180 and 182, including the Wressle Field development (the “Wressle Farm-in Agreement“). Completion of the Wressle Farm-in Agreement is conditional on receipt of certain planning and other approvals which may be waived at Upland’s discretion.
Steve Staley, Upland Resources CEO, said:
“We note Egdon’s intention to appeal North Lincolnshire County Council’s decision to refuse planning consent for the Wressle Oil Field for a second time. As noted previously, completion of the Wressle Farm-In Agreement remains conditional on receipt of planning and other approvals. We aim to update shareholders on the Farm-in Agreement in the near future and are pleased to report the Company maintains a strong cash position in the meantime.”
|Upland Resources Limited||www.uplandres.com|
|Steve Staley, CEO||Tel: 07704 974784
|Optiva Securities Limited|
|Jeremy King (Corporate Finance)||Tel: 020 3137 1904
|Christian Dennis (Corporate Broker)||Tel: 020 3137 1903
|Ben Brewerton/Molly Stewart||Tel: +44 (0) 20 3727 1708
|Sasha Sethi||Tel: +44 (0)7891 677441
Upland is an upstream oil & gas company whose highly experienced management has a track record of creating major value for shareholders in junior oil & gas companies, including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc. Upland is taking advantage of the current market conditions to acquire quality upstream assets on attractive terms.
Full Egdon Resources announcement
Egdon Resources plc (AIM:EDR) announces that it will appeal the decision of North Lincolnshire Council’s Planning Committee of 3 July 2017 to refuse planning consent for a second time for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire (Application PA/2017/696).
Notices advertising our intent to appeal will be displayed in the local parishes and published in the local paper over the coming week in accordance with planning law and an appeal will be submitted without delay shortly afterwards.
Egdon will request the Planning Inspectorate to co-join this new appeal with the appeal against the refusal of planning permission of 11 January 2017. The first appeal is currently scheduled for early November 2017.
Egdon can also advise that it will separately appeal the decision of the 3 July 2017 meeting to refuse application PA/2017/268 which requested a twelve month extension to the existing planning for the site.
Mark Abbott, Managing Director of Egdon Resources plc, said:
“We are compelled to bring forward appeals against both of the decisions of North Lincolnshire Council’s special Planning Committee meeting of 3 July 2017. Following a thorough and detailed consultation and evaluation, both applications were recommended for approval by the Council’s Head of Development Management and Building Control and had support from the key statutory and regulatory consultees. In addition the environmental permit for the proposed Wressle development has been issued by the Environment Agency since the original decision in January of this year. We now look forward to presenting our case at the forthcoming public inquiry.”