22nd Oct 2014 15:00
LONDON (Alliance News) - Europa Oil and Gas PLC Wednesday said it has been granted planning permission for its Kiln Lane well on the PEDL 181 license in east Lincolnshire.
Europa has a 50% interest in the license, with Egdon Resources Ltd and Celtique Energie Petroleum Ltd holding a 25% stake each.
Europa shares were up 1.4% to 7.35 pence per share Wednesday afternoon whilst Egdon shares were up 12% to 17.50 pence per share.
Kiln Lane has a prospective resource of 2.9 million barrels of oil and has a one in three chance of success, and if it is successful will open up a new conventional oil and gas play, said Europa in a statement.
"Planning approval is an important step and, subject to the granting of an Environmental Agency permit in a timely manner, we remain on course to commence operations at Kiln Lane by year end," said Chief executive Hugh Mackay.
By Joshua Warner; [email protected]; @JoshAlliance
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