Egdon Resources PLC Wressle Update and Production Guidance (1618W)
February 07 2017 - 2:00AM
UK Regulatory
TIDMEDR
RNS Number : 1618W
Egdon Resources PLC
07 February 2017
7 February 2017
EGDON RESOURCES PLC
("Egdon" or "the Company")
Wressle Update and Production Guidance
Egdon Resources plc (AIM:EDR) provides an update on plans to
progress the development of the Wressle oil field following the
recent decision of North Lincolnshire Council's Planning Committee
to refuse planning permission for hydrocarbon production.
Having consulted with Joint Venture partners and taken further
detailed advice, we can advise that we will submit a formal appeal
against the refusal of planning consent at the earliest
opportunity.
We can also advise that we will in parallel submit a new
Planning Application for the Wressle development which will include
even more detailed information to address the specific concerns
outlined by North Lincolnshire Council in their refusal.
We will look to progress both the new application and the appeal
through the Planning system as quickly as possible. We believe that
this dual track approach will provide the best opportunity for a
successful outcome with the minimum delay.
In view of the planning refusal and the expected timeframe for
the appeal and/or re-determination, the Company has revised its
guidance for average production for the financial year ending 31
July 2017 to 100-110 barrels of oil equivalent per day ("boepd")
against our previous guidance of 165 boepd. As a result of the
delay in both capital investment and generated income, the impact
on the Company's net cash-flow for the current period will be
negligible.
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:
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 43 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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