StockMarketWire.com - Europa Oil & Gas has noted an update by Egdon Resources that North Lincolnshire County Council's planning committee has refused planning consent for the development of the Wressle oil field at Lodge Farm.

At the same meeting the application for the installation of groundwater monitoring boreholes was approved.

Europa has a 30% working interest in Wressle which is located on PEDLs 180 and 182, alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), and Union Jack Oil (11.67%).

Europa says the decision of the committee goes against the positive recommendation of the county council's planning officer which was determined after an extensive and thorough review of the field development plan. The partners in Wressle will now consider their options which include the right to appeal.

Update on Wressle Oil Discovery

PRN

Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

11 January 2017

Europa Oil & Gas (Holdings) plc (Europa or the Company)

Update on Wressle Oil Discovery

Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed exploration, development and production company, notes todays update from Egdon Resources (Egdon) regarding the refusal of planning consent by North Lincolnshire County Councils Planning Committee for the development of the Wressle Oil Field (Wressle) at Lodge Farm, Wressle, North Lincolnshire.

At the same meeting the application for the installation of groundwater monitoring boreholes was approved.

Europa has a 30%* working interest in Wressle which is located on PEDLs 180 and 182 (the Licences), alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), and Union Jack Oil (11.67%).

The decision of the Committee goes against the positive recommendation of the County Councils Planning Officer which was determined after an extensive and thorough review of the field development plan. The partners in Wressle will now consider their options which include the right to appeal.

Chief executive Hugh Mackay said:"We are disappointed with the Planning Committees decision. Lying just 5km away from the Europa-operated Crosby Warren field, Wressle is located in the heart of the East Midlands petroleum province, a region with a long heritage of conventional oil and gas production. Furthermore, at an anticipated gross rate of 500 bopd, Wressle has the potential to generate meaningful revenues not just for the participating companies, but also for the government in the form of tax receipts. With this in mind, we will be exploring with our partners all options on how best to take these licences forward and further updates will be provided in due course.

"In tandem with this, work continues across our portfolio of licences, particularly in Atlantic Ireland where Europa holds one of the largest and most comprehensive licence positions which covers an area of 5,818 sq km and includes six play types, three basins and 20 prospects and leads. Here we are focused on increasing our drill ready prospect inventory from two to six and securing farm-out partners with whom we can prove these up via the drill bit. Farm-out discussions are continuing. Together with planned drilling activity at the 5.6 mmbo Holmwood prospect in the Weald Basin, 2017 promises to be an exciting year for Europa and I look forward to keeping the market updated on developments."


At 4:27pm: [LON:EOG] Europa Oil Gas Holdings PLC share price was -0.88p at 5.13p



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