Business
Holmwood Appeal Decision
Holmwood Appeal 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\n27 September 2012\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Holmwood Appeal Decision \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,\ndevelopment and production company focussed on Europe, confirms that it\nreceived notice today that the appeal against Surrey County Council's decision\nnot to grant permission to drill one exploratory borehole and undertake a short\nterm test for hydrocarbons on the PEDL143 licence in the Weald Basin, Surrey,\nhas been dismissed.\n\nAn unsuccessful application for planning permission to drill the Holmwood\nprospect on PEDL143 was made in 2011. The planning appeal was heard at a seven\nday public inquiry in July 2012. The Planning Inspectorate issued a decision to\ndismiss the appeal on 26 September 2012. The Company is currently considering\nits options regarding the decision with its legal counsel and its partners in\nthe licence, being Egdon Resources 38.4%, Altwood Petroleum 1.6%, and Warwick\nEnergy 20%.\n\nEuropa's CEO, Hugh Mackay said, \"We are obviously disappointed with the outcome\nof the appeal, particularly as it comes at a time when the need to develop the\nUK's own energy resources and natural assets is more pressing than ever. Aside\nfrom Holmwood, we are developing other UK exploration assets including the\nWressle and Broughton prospects where we, along with our partners, plan to\ndrill at least one well early next year. We rate each of these as having a one\nin three chance of increasing our current production of 200 boepd.\n\n\"Europa has a diversified portfolio of licences at various stages of\ndevelopment. This includes revenue generative UK producing assets, as well as\nhighly prospective exploration permits in onshore France particularly Berenx\nDeep, a large gas appraisal project with a net mean contingent resource of 277\nbcf as estimated in the recent competent person's report. More recently, in the\nIrish Atlantic Margin, we announced the identification of two substantial\nprospects located in a proven hydrocarbon system. We remain highly confident in\nthe potential of our licences to create substantial value for shareholders and\nwe look forward to providing the market with updates on our progress in due\ncourse....