Europa Oil & Gas shares fell on Monday after a setback at its Cloughton gas appraisal well in North Yorkshire, with the Local Planning Authority refusing planning permission despite a clear recommendation from the council’s own planning officers to approve it.
Europa Oil & Gas shares were down 8% at the time of writing.
The firm said the decision goes against the guidance of the council’s own planning officers, and 13 independent experts who produced separate reports supporting the application, all of which fed into the officers’ approval recommendation.
Europa has flagged its strong disagreement with the basis of the refusal and is now weighing its options. The company is confident that planning permission will be approved on appeal, which now appears to be the likely next step.
Europa Oil & Gas has operations across the UK and assets in West Africa. Much of the firm’s focs of late has been on North Yorkshire so today’s announcement will come as a disappointment for investors.