17th Mar 2020 18:06
(Alliance News) - Angus Energy PLC on Tuesday warned it believes West Sussex County Council is going to reject planning for the Balcombe oil field.
The planning officer has recommended the council reject the application, based on the UK's requirement for hydrocarbons which may not be enough to justify developing an oil field in the High Weald area of outstanding natural beauty.
However, a meeting planned on March 24, as well as all meetings up to the end of April, have been cancelled by West Sussex County Council due to Covid-19.
Angus believes the delay will give it more time to present information to the planning officer which could change his recommendation.
Managing Director George Lucan said: "The delay and recommendation are both frustrating but by no means final and many options exist to reach a more satisfactory outcome.
"In terms of the impact on cashflow, the Balcombe project was forecast to result in cash outflow during calendar 2020 due to capital expenditures at the site. To the extent that the delay continues we shall have additional funds to direct to bringing Saltfleetby to first gas."
Angus shares closed 33% lower on Tuesday in London at 0.37 pence each.
By George Collard; [email protected]
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