Egdon Announce UK Onshore Licence Interest Acquisitions

Egdon Announce UK Onshore Licence Interest Acquisitions

Egdon Resources plc (AIM:EDR) announced the acquisition of additional interests in two 14th Round licences in the Company’s East Midlands core area.

Egdon will materially increase its interests in two of its recently announced Egdon operated 14th Round awards, PEDL334 and PEDL306 via an assignment of interests from Celtique Energie Petroleum Limited (“Celtique”) at no cost. These transactions will add a total of 14,428 net acres (58 km2) to Egdon’s licence holdings.

    East Midlands – Humber Basin

Egdon and Petrichor Energy UK Limited (“Petrichor”) have agreed to jointly take over Celtique’s interest in PEDL334. As a result, the new equity in the licence will be Egdon 60% (from 37.5%), and Petrichor 40% (from 25%).

    East Midlands – Widmerpool Basin

Egdon and Petrichor have agreed to jointly take over Celtique’s interest in PEDL306. As a result, the new interests in the licence will be Egdon 30% (from 18.75%), Petrichor 20% (from 12.5%), Hutton Energy Limited 25%, Coronation (Oil and Gas) Limited 25%.

The transactions are subject to Oil and Gas Authority approval.

Source/ More On: Egdon Resources plc

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