Response to Ministerial Statement on UK Shale Gas

RNS Number : 4803O

Egdon Resources PLC

17 May 2018

 

            17 May 2018

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

Response to Written Ministerial Statement on UK Shale Gas

Egdon Resources welcomes the Government's support and commitment to our industry as laid out in the Written Ministerial Statement ("WMS") of today from the Department of Business, Energy and Industrial Strategy (BEIS) and the Department for Housing, Communities and Local Government .(DHCLG).

The statement itself constitutes a material consideration in planning decisions (i.e. carries weight in law) and reiterates that shale gas development is of national importance. The Government will publish revised planning practice guidance on shale development in the summer.  It will also launch two consultations in the period;  one that will consider allowing exploration wells to be drilled under permitted development (i.e. without the requirement of a full planning application) and the other to consult on the inclusion of shale production projects into the Nationally Significant Infrastructure Projects regime.

The full text of the WMS can be found at

www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-05-17/HCWS690

Commenting Mark Abbott, Managing Director of Egdon Resources plc, said:

"Egdon welcomes the Government's announcement today which emphasised the national importance that shale gas exploration and development has in delivering a safe and secure energy source, whilst meeting the country's Climate Change obligations. In particular we welcome the measures the Government has introduced on making the planning process "faster and fairer" and providing additional resources to help stretched local authorities.

Gas is used to heat more than 80% of the UK's households and for cooking in more than 60% of the UK's homes. Whilst renewable sources of energy provide a growing share of our electricity, gas still accounts for nearly half.

We currently import 50% of our gas needs at a significant financial cost to the UK taxpayer - over £13 million a day - and that figure is set to grow to almost 80% by 2035.

The UK's gas reserves contribute to ensuring the country has a secure, affordable and low carbon energy source."

For further information please contact:

Egdon Resources plc

Mark Abbott                                                                              01256 702 292

Buchanan

Ben Romney, Anna Michniewicz                                                 020 7466 5000

Nominated Adviser and Broker - Cantor Fitzgerald Europe               

David Porter (Corporate Finance)                                                 020 7894 7000

Caspar Shand Kydd / Alex Pollen (Sales)

Joint Broker - VSA Capital Limited

Andrew Monk (Corporate Broking)                                               020 3005 5000

Andrew Raca (Corporate Finance)

Notes to Editors:

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK. 

Egdon holds interests in 43 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets.  Egdon is an approved operator in the UK.

Egdon was formed in 1997 and listed on AIM in December 2004.

 

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