On 17 January 2020, Egdon announced the Planning Inspectorate has upheld the company’s appeal and granted planning consent for the development of the Wressle oil field in North Lincolnshire licences PEDL180 and PEDL182. Wressle has incurred numerous delays due to rejected planning applications; however, now Egdon will be able to begin working on the detailed planning for the development works. The company estimates it will take six months to bring Wressle onstream and Egdon’s total production could be increased by c 150bopd. Today, the company also provided an update on the exclusivity agreement for the Resolution and Endeavour licences. Egdon and the its counterparty agreed on a short extension to the deadline for execution of a definitive farm-down from 19 January 2020 to 23 January 2020. More details should be provided in the coming days.
Egdon’s appeal against the refusal of planning consent took place in November 2019 and the company has now been granted planning consent for the Wressle oil field. The project has incurred numerous delays due to rejected planning applications but has now green light to start working on development planning and potentially add c 150bopd of oil production to Egdon’s portfolio. In November 2019, Egdon announced it had signed an exclusivity agreement with a major E&P company for its UK offshore licences P1929 and P2304. The licences contain the Resolution and Endeavour gas discoveries. The exclusivity agreement was subject to a farm-down agreement being entered into by 19 January 2020; however, both parties agreed to extend the deadline until 23 January 2020. If successfully concluded, the farm-down would allow Egdon to fund its share of a 3D seismic survey planned for 2020.