Upland Resources Limited Wressle Development Update & Start of Appeal (1206C)
11 April 2017 - 4:00PM
UK Regulatory
TIDMUPL
RNS Number : 1206C
Upland Resources Limited
11 April 2017
11 April 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wressle Development Update & Start of Appeal Process
Upland Resources Ltd., the oil and gas company actively building
a portfolio of attractive upstream assets, is pleased to note the
update issued today by Egdon Resources ("Egdon" or "the Operator")
regarding the Wressle Field development in North Lincolnshire. As
Operator of petroleum exploration and development licences
("PEDLs") 180 and 182, Egdon has announced the commencement of the
appeal process ("the Appeal") following the refusal of planning
permission by the North Lincolnshire County Council ("the Council")
on 11 January 2017, and has supplied further details regarding the
new planning application announced on the 7(th) of February
2017.
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 UK
onshore PEDLs 180 and 182, including the Wressle 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.
The full text of the announcement from Egdon Resources is set
out below . Highlights include:
-- The Appeal documentation is anticipated to be validated by
the Planning Inspectorate within the next 1-2 weeks;
-- In parallel, the new planning application will be submitted in April 2017;
-- The Environmental Permit is expected to be issued towards the end of that same month;
-- Water monitoring boreholes were successfully installed on the
existing Wressle site in February 2017.
Steve Staley, Upland Resources CEO, commented:
"We are pleased to note the positive actions of Egdon and the
Joint Venture partners to expedite both the appeal and the new
planning application related to the Wressle Field development.
While only one of several exciting opportunities for Upland, we
look forward to continuing to work with Egdon and the other
partners in progressing the Wressle development through the final
stages of planning permissions. Production from Wressle will be an
important milestone for the business, whilst the permit area also
holds further upside potential."
**Ends**
Contact details:
Upland Resources Limited www.uplandres.com
Steve Staley, CEO s.staley@uplandres.com
Optiva Securities Limited www.optivasecurities.com
Jeremy King (Corporate Tel: +44 (0)20 3137 1904
Finance) jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0)20 3411 1882
Broker) christian.dennis@optivasecurities.com
FTI Consulting
Edward Westropp Tel: +44 (0)203 727 1521
edward.westropp@fticonsulting.com
Notes
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 that it will today
start the appeal process through the Planning Inspectorate in
respect of the decision by North Lincolnshire County Council ("the
Council") on 11 January 2017 to refuse planning consent for the
development of the Wressle Oil Field at Lodge Farm, Wressle, North
Lincolnshire.
It is expected that the Planning Inspectorate will validate the
appeal documentation within the next 1-2 weeks and will then notify
Egdon and the Council of the start date and timetable for the
appeal process.
As previously announced, 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 the Council in their refusal. This application will be
submitted during April.
We also anticipate that the Environmental Permit for Wressle
should be issued towards the end of April, subject to the outcome
of the current consultation process on the draft permit which
closes shortly.
In addition we can advise that the water monitoring boreholes
for the site, for which planning consent was received at the 11th
January 2017 planning meeting, were successfully installed on the
existing Wressle well site during February 2017."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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