Egdon Resources plc (AIM:EDR) is pleased to advise that further to the announcement of 25 January 2022, it has submitted an appeal against the refusal of planning permission by Lincolnshire County Council for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site (the “Appeal”), held under licence PEDL253.

Egdon is operator of PEDL253 and holds a 35.8% interest in the licence.

The appeal documentation was submitted to the Planning Inspectorate (“PINS”) on 12 April 2022. The appeal will now be validated by PINS before an Inspector is appointed and a timetable is defined. The expectation is that the appeal will be decided under the written representations procedure, a process where PINS will consider written evidence from the appellant, the local planning authority and anyone else who has an interest in the appeal.

Egdon Resources plc (AIM:EDR) welcomes the Government’s announcement of 5 April 2022 of a scientific review of shale gas by the British Geological Survey.  The review is to report before the end of June 2022.

The full text of the Government’s announcement can be found at https://www.gov.uk/government/news/scientific-review-of-shale-gas-launched

Egdon holds a significant portfolio of shale gas licences covering an area of 151,742 net acres (614 square kilometres) with estimated mean volumes of undiscovered gas in place of 37.6 trillion cubic feet. Egdon’s primary focus is the Gainsborough Trough where the results from the 2019 Springs Road-1 well highlighted a potentially world class resource in the Gainsborough Shale.

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:

“This review is a logical and welcome move by the government. Gas heats over 80% of our homes and generates around 40% of our electricity and will continue to be an important part of our energy mix out to 2050 and beyond.  UK shale gas could be a strategically important national resource with the potential to reduce the UK’s growing reliance on gas imports, whilst reducing gas prices, improving our balance of payments, increasing tax revenues and creating skilled jobs whilst importantly also reducing the carbon footprint of the gas we all use.”

Egdon Resources plc (AIM:EDR) advises that its application to extend the existing planning permission to drill the North Kelsey-1 exploration well was refused at today’s meeting of the Lincolnshire County Council Planning Committee.

Commenting on the decision, Mark Abbott, Managing Director of Egdon Resources plc, said:

“The decision of the Planning Committee is disappointing given the clear current need for the UK to secure further indigenous supplies of energy to reduce its reliance on imports, the compelling case presented and the positive recommendation of Lincolnshire County Council’s Planning Officer. Given this, we will bring forward an appeal against this decision without delay and will provide further updates in due course.”

Grant of Options

Egdon Resources plc (AIM:EDR) announces that as part of a periodic incentive review and also to compensate salary reductions taken between March 2020 and December 2022, it has granted options to the following Directors and cancelled all existing options awards. (Read more…)

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