Upland Resources Limited., the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to note the announcement issued today by Egdon Resources (“Egdon” or the “Operator” regarding the Wressle Field development in North Lincolnshire. As Operator of UK onshore petroleum exploration and development licences (“PEDLs“) 180 and 182, Egdon submitted a new Planning Application (the “Application”) to North Lincolnshire Council for the Wressle field development on 28 April 2017. Validation of the Application is expected to take one to two weeks.
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, commented:
“Progress continues to be made on securing planning permission for the Wressle Field development. We are pleased to note that Egdon Resources are forging ahead with their dual track approach, which includes the newly announced submission of a new application as well as the ongoing appeal against North Lincolnshire Council’s decision to refuse consent.
“As noted previously production from Wressle will be an important milestone for Upland Resources, whilst the permit area also holds further upside potential. We look forward to continuing to work with Egdon and the other partners as we move to the final stages of planning permissions.”
|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
|Edward Westropp||Tel: +44 (0)2037271521
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 text of Egdon Resources’ announcement
“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.”