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Europa Oil & Gas (Holdings) PLC

Europa Oil & Gas lands one-year extension to existing Wressle approval

Europa and its partners can now await the decision of the UK planning inspector over the proposed field development at Wressle.

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Europa Oil & Gas Holdings plc (LON:EOG) told investors that the Wressle project has been granted a one year extension to its existing planning approvals.

The award extends access to the project until 24 January 2020.

It means that Europa and its partners have sufficient time to reach a determination in its appeal against planning refusals for the proposed oil field development at Wressle.

READ: Europa Oil & Gas highlights Irish partnering progress

Previously an application to extend existing approvals was denied by North Lincolnshire Council’s Planning Committee though it had been recommended by the same council’s planning officer. The extension was granted by the UK planning inspector, on appeal.

The planning inspector will also rule on the appeal for the field development application.

“Recommended for approval by the council’s planning officer and supported by an expert third party review undertaken on behalf of the council, we are confident the new proposals for Wressle comprehensively address the reasons highlighted by the planning Inspector in the original appeals in January 2018,” said Hugh Mackay, Europa chief executive.

Wressle would double Europa’s production volumes onshore UK, if it receives the greenlight and the development advances.

Mackay highlighted: “we are keen for the Wressle Field to be brought into production at an initial gross rate of 500 bopd or 150 bopd net to Europa.

“At this rate, Europa’s net production would more than double to over 200bopd, generating material cash flows for the company which, in turn, can be reinvested into advancing our portfolio of high impact licences offshore Ireland and late stage appraisal projects onshore UK.”

Quick facts: Europa Oil & Gas (Holdings) PLC

Price: £0.03

Market: AIM
Market Cap: £11.78 m
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