Egdon Resources - Wressle and Resolution updates

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.