- Europa Oil & Gas (Holdings) has noted an update from Egdon Resources regarding the Planning Inspectorate's decision to reject appeals against two refusals by North Lincolnshire County Council's planning committee in respect of the development of the Wressle oil discovery in licences PEDL180 and PEDL182.

However, the Planning Inspectorate has advised that it did uphold Egdon’s appeal against the decision to refuse the application to retain the existing planning for the well site, which is now retained until 28 Apr 2018.

Europa currently has a 30% working interest in Wressle alongside Egdon (operator, 25%), Celtique Energie Petroleum Ltd (33.33%), and Union Jack Oil (11.67%), (together ‘the Joint Venture partners’).

The joint venture partners are considering in detail the reasons for the refusals as contained in the decision notice and will review the options available.

Europa has signed a sale and purchase agreement with Upland Resources (UK Onshore) in relation to a 10% interest in PEDLs 180 and 182.

Completion of the SPA, which is subject to approval from the Oil & Gas Authority, would result in Europa retaining a 20% interest in the licences.

At 8:05am: [LON:EOG] Europa Oil Gas Holdings PLC share price was -0.95p at 4.75p

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