Egdon Resources PLC Wressle Planning Decision (9675J)

TIDMEDR

RNS Number : 9675J

Egdon Resources PLC

03 July 2017

3 July 2017

EGDON RESOURCES PLC

("Egdon" or "the Company")

Wressle Planning Decision

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."

For further information please contact:

Egdon Resources plc

Mark Abbott 01256 702 292

Buchanan

   Richard Darby, Anna Michniewicz                                               020 7466 5000 

Nominated Adviser and Broker - Cantor Fitzgerald Europe

   David Porter, Sarah Wharry (Corporate Finance)                           020 7894 7000 

Mark Westcott (Sales)

Joint Broker - VSA Capital Limited

   Andrew Monk (Corporate Broking)                                               020 3005 5000 

Andrew Raca (Corporate Finance)

Notes to Editors:

Wressle

The Wressle-1 well was drilled in 2014 and tested in 2015. The Wressle-1 well has flowed oil and gas from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags. This totalled 710 barrels of oil equivalent per day from all zones. In September 2016 a Competent Person's Report made independent estimates of Reserves and Contingent and Prospective oil and gas Resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C). Further information can be found at our Wressle Oil and Gas Discovery page http://www.egdon-resources.com/home/project-sites/wressle/

Wressle Planning history

On 11 January 2017 North Lincolnshire County Council refused planning consent for the original application for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire.

On 7 February 2017 Egdon announced that it would both appeal the decision of 11 January 2017 and in parallel submit a new Planning Application for the Wressle development which would include even more detailed information to address the specific concerns outlined by North Lincolnshire Council in their refusal.

On 11 April 2017, Egdon submitted an appeal against North Lincolnshire County Council's decision to refuse planning consent.

On 28 April 2017 Egdon submitted a new application for the Wressle Development including 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 for the development of the Wressle Oil Field.

Egdon believe that this dual track approach provided the best opportunity for a successful planning outcome with the minimum delay.

On 19 May 2017 Egdon announced the issue by the Environment Agency of the variation to the Mining Waste Permit for the planned Wressle field development and associated operations.

Egdon Resources plc

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.

Egdon holds interests in 44 licences in the UK and France and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator in both the UK and France.

Egdon was formed in 1997 and listed on AIM in December 2004.

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Evaluation of hydrocarbon volumes has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

This information is provided by RNS

The company news service from the London Stock Exchange

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July 03, 2017 10:29 ET (14:29 GMT)