UPDATE: Egdon, Union Jack And Upland Hit By Wressle Consent Refusal

LONDON (Alliance News) - Egdon Resources PLC and Union Jack Oil PLC on ...

Alliance News 12 January, 2017 | 12:50AM
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LONDON (Alliance News) - Egdon Resources PLC and Union Jack Oil PLC on Wednesday said the North Lincolnshire County Council's Planning Committee has refused planning permission for the pair's development of the Wressle oilfield.

Union Jack shares closed down 22% at 0.14 pence on Wednesday while Egdon shares fell 12% at 13.90p.

Another junior oil and gas firm, Upland Resources Ltd, also noted the refusal later on Wednesday. Upland's UK arm farmed into a 10% stake in the Wressle discovery under a deal with Europa Oil & Gas Holdings Ltd in November. Shares in Upland closed down 6.4% at 1.31p on Wednesday.

The planning permission concerns the two licenses in North Lincolnshire that cover the field, PEDL180 and PEDL182. Egdon said planning consent was refused but that the application to drill boreholes for groundwater monitoring was approved.

"We are very disappointed by the decision of the Committee that goes against the positive recommendation of their Planning Officer which was determined after an extensive and thorough review of our proposals," said Egdon Managing Director Mark Abbott.

"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," Abbott added. "We will now take time to consider our options including our right to bring forward an appeal."

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved. 

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Union Jack Oil PLC 0.10 GBX -2.15 -
Upland Resources Ltd 3.05 GBX 3.39 -
Egdon Resources PLC 9.53 GBX -2.26 -
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