Business
Wressle Oil Discovery Update
Wressle Oil Discovery Update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n\n26 September 2017\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nExtension of Agreement to Sell 10% Interest in Wressle Oil Discovery\n\nEuropa Oil & Gas (Holdings) plc, the UK and Ireland focussed exploration, development and production company, is pleased to announce a second extension to the Sale and Purchase Agreement (‘SPA’) signed between its wholly owned subsidiary and Upland Resources (UK Onshore) Limited (‘Upland’) in relation to a 10% interest in Europa’s PEDL180 and PEDL182 (‘the Licences’) in North Lincolnshire. Europa currently has a 30% working interest in the Licences, which include the Wressle discovery and the Broughton North prospect, alongside Egdon Resources (operator, 25%), Celtique Energie Petroleum Ltd (33.33%), and Union Jack Oil (11.67%), (together “the Joint Venture partnersâ€). Completion of the SPA would result in Europa retaining a 20% interest in the Licences.\n\nAs set out in the Company’s announcement of 24 November 2016, completion of the SPA is conditional upon, inter alia, approval from the Oil & Gas Authority and approval of the Wressle Field Development Plan. The outstanding condition to completion of the SPA is the award of relevant planning permissions to the Wressle development.\n\nOn 7 February 2017, the Company announced the decision by the Joint Venture partners to appeal against the refusal by North Lincolnshire Council to grant planning consent for the development of Wressle and to file a new planning application covering the specific concerns outlined by the Council’s planning committee. On 3 July 2017, this new application was refused planning permission by the Council. On 1 August 2017, Egdon Resources announced its intention to bring forward appeals against the Council’s decisions. The appeals hearing is expected to commence on 7 November 2017 with a decision expected within six weeks of the end of the six day appeals hearing. The format of the appeals differs from the planning decisions made by North Lincolnshire Council: the appeals take only prior written dispositions, which are subject to proper scrutiny and cross examination and they are held within a well-constrained framework and timefr...