StockMarketWire.com - Europa Oil & Gas (Holdings) has noted today's update from Egdon Resources regarding plans to develop the Wressle oil field in North Lincolnshire.

Europa has a 30% working interest in Wressle alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (33.3%), and Union Jack Oil (11.67%).

Following the refusal by North Lincolnshire Council to grant planning consent for the Wressle development the joint venture partners intend to appeal against the decision and file a new application which will include more detailed information to address the specific concerns outlined in the decision.

Chief executive Hugh Mackay said: "Wressle is located in the heart of the East Midlands petroleum province and at an anticipated gross rate of 500 bopd would almost double our existing production based on a 20% interest.

"We are keen to see this conventional oil field brought into production as soon as possible."


At 9:25am: [LON:EOG] Europa Oil Gas Holdings PLC share price was +0.38p at 5p



Story provided by StockMarketWire.com