Egdon Resources will submit a new planning application for development of the Wressle oil field.
Egdon said it had taken legal and planning advice after the Planning Inspectorate rejected the company's appeals over the development of Wressle.
It said that having considered the specific reasons for rejection of the appeals, the company would:
- Prepare and submit a new planning application to North Lincolnshire Council seeking its consent for the Wressle oil field development. This application, which will be submitted prior to the expiry of the current planning consent, will address in detail all matters highlighted by the inspector
- Prepare and submit a new application to North Lincolnshire Council to extend the current planning consent (which now expires on 28 Apr following a successful appeal) to ensure that the council has sufficient time for consideration of the new application and to maintain consent for the current site
Managing director Mark Abbott said: 'Egdon and its joint venture partners remain fully committed to the Wressle project and the proposed new application will address the limited reasons for refusal highlighted by the Inspector. I look forward to updating the market on Wressle in due course.
'Elsewhere within Egdon's extensive portfolio, the coming period will see potentially high impact drilling activity at Springs Road, Biscathorpe, Holmwood and possibly North Kelsey, and the results of workovers at Fiskerton Airfield.
'We are also developing plans for the Keddington, Kirkleatham, Dukes Wood/Kirklington and Waddock Cross fields which will benefit from the improving oil price.'
At 9:09am: (LON:EDR) Egdon Resources PLC share price was +0.15p at 7.1p