Shares in Egdon Resources climbed more than 30% today as the firm and its partners reported first oil from the Wressle project, onshore UK, was approaching fast.
Egdon Resources’ Wressle oil discovery in Lincolnshire has been recommended for approval by the local council.
Egdon Resources has bought an additional 5% interest in the licences containing the Wressle oil discovery and the Broughton North prospect.
Upland Resources has terminated its agreement to buy a 10% stake in the Wressle project after Lincolnshire authorities refused planning applications to develop the discovery.
Egdon Resources was hit by a setback on Monday after North Lincolnshire County Council refused planning permission for development of the Wressle Oil Field.
Union Jack Oil has continued to up its stake in the Wressle-1 discovery and Broughton North Prospect, both located onshore in the UK.
Egdon Resources has cleared a major obstacle for its proposed Wressle field development in northern England.
The partners of an onshore oil and gas discovery located in the "heart of the East Midlands petroleum province" have vowed to fight North Lincolnshire Council's refusal to grant planning permission.
Union Jack Oil the onshore exploration and production company with a focus on drilling, said it remained on track for commercial production from its Wressle discovery in Lincolnshire in the second half of the year and intends to expand its interests in other areas of the UK.
Egdon Resources, the UK-focused oil and gas company, reported a pretax loss of £2million, due largely to impairments on its Waddock Cross project.
Europa Oil and Gas is gearing up for production from its Wressle onshore UK oil field and is aiming to expand its acreage in Ireland's Atlantic Margin.
Egdon Resources is to press ahead with its plans for the Wressle oil and gas discovery located to the east of Scunthorpe in Lincolnshire, England .