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Egdon Resources PLC - operator of Wressle oil field in north Lincolnshire, England - North Sea Transition Authority approves field development plan for Wressle. The UK regulator also approves the licenses, PEDL180 and PEDL182, to enter production through 2039.
Egdon has a 30% interest in Wressle. Europa Oil & Gas Holdings PLC also has 30%, and Union Jack Oil PLC has 40%.
‘This is a key milestone for the Wressle project as it transitions from an extended well test to production under an approved field development plan,’ says Egdon Managing Director Mark Abbott. ‘Wressle continues to generate high levels of production and revenues. The Wressle-1 well is currently amongst the most productive in the onshore UK and to date has produced over 170,000 barrels of oil.’
Egdon current stock price: 3.88 pence, up 3.3% in London on Monday
12-month change: doubled from 1.75p
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