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LETHBRIDGE – A Calgary-based oil and gas company announced Wednesday a surprising decision regarding plans to drill three exploratory wells within Lethbridge city limits.

Goldenkey Oil Inc. saying it’s withdrawing its Penny Project and will not be applying to the Alberta Energy Regulator to access mineral rights in the region.

A representative with the company, David Hill says a number of reasons went into the final decision, including the cost and risk benefit of the geological success compared to the cost of the application process.

Hill adds continued delays and public consultation events also played a role in the final decision to cancel the project.

Over the last six months opposition to the project was fierce including petitions and protests.

Lethbridge city council was also quite vocal in their discontent with oil and gas development within city limits.