Celtique Energie Petroleum is selling its 30% stake in a pair of licences that host the Wressle discovery onshore England as operator Egdon Resources prepares a new planning application to develop the find after earlier refusals.

Egdon will acquire an additional 5% in licences PEDL 180 and PEDL 182 that contain both Wressle and the Broughton North prospect, while existing partner Union Jack Oil and new entrant Humber Oil & Gas will each acquire 12.5% from Celtique, which will initially receive nil for the sale.

Union Jack and Humber will each pay a deferred cash sum of £1.04 million, contingent on commercial oil production from Wressle in Lincolnshire, while Egdon will pay £417,000 under the same terms, giving a total deferred payment of £2.5 million.

Following the deal, Egdon will hold a 30% operating stake in the licences, with Europa Oil & Gas on 30%, and Union Jack and Humber on 27.5% and 12.5%, respectively.

London-listed Egdon said in a statement it would shortly submit a new planning application for development of Wressle after two earlier submissions were rejected by North Lincolnshire Council.

It has recently also applied to extend the existing planning consent for a further year.

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Celtique in Wressle exit