Business
Favourable Holmwood High Court Decision
Favourable Holmwood High Court Decision.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n25 July 2013\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Favourable Holmwood High Court Decision \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, is pleased to announce that it has been successful in its High Court\nchallenge in relation to the drilling of an exploratory well at the Holmwood\nprospect (`Holmwood') in the PEDL143 licence in the Weald Basin, Surrey, in\nwhich the Company holds a 40% interest.\n\nEuropa regards this judgment as positive and will now consider the next steps\nforward regarding PEDL 143 with its joint venture partners, being Egdon\nResources (38.4%), Altwood Petroleum (1.6%), and Warwick Energy (20%). This\njudgment means that the Inspector's decision is quashed and the appeal will be\nremitted to the Planning Inspectorate for redetermination, which may involve a\nfurther planning inquiry, for the exploratory drill site at Holmwood.\n\nAs announced on 1 November 2012, Europa, along with its partners, applied for\nan order to quash the decision of the Secretary of State for Communities and\nLocal Government's appointed Inspector to dismiss an appeal, made by Europa,\nagainst Surrey County Council's refusal to grant planning permission to drill\none exploratory borehole and undertake a short term test for hydrocarbons at\nthe Holmwood prospect drillsite. The judge, Mr Justice Ouseley, gave judgment\nin favour of quashing the Inspector's decision at 3pm on 25 July 2013 in the\nRoyal Courts of Justice. The judge granted the Leith Hill Action Group leave to\nappeal, to the Court of Appeal, against his judgment.\n\nEuropa's CEO, Hugh Mackay said, \"We are naturally pleased with the judge's\ndecision. Holmwood was assigned mean gross unrisked prospective resources of\n5.6 million barrels of oil in a CPR published in June 2012, making it in our\nview one of the best undrilled prospects onshore in the UK. Above all, allowing\nconventional exploration to take place at Holmwood is consistent with recent\ngovernment initiatives to promote hydrocarbon exploration in onshore UK. Were a\ncommercial discovery to be made at Holmwood, not only would it materially add\nto Europ...