Egdon gives update on transfer of onshore shale gas business
Further to the announcement of 5 June 2014, Egdon wishes to notify that it has now obtained consent from DECC for the transfer of licences from Alkane. As a consequence, admission of the new ordinary shares issued pursuant to the transaction with Alkane, the Placing and Open Offer, and completion of the acquisition, is now expected to become effective on 12 June 2014.
Mark Abbott, Managing Director of Egdon commented:
“We are delighted to have obtained consent from DECC enabling the transfer of licences in Alkane’s shale-gas interests. Following this transfer, Egdon’s prospective acreage in UK shale-gas will nearly double to 140,176 acres, creating a significant new UK shale-gas player.”
Source: EGDON RESOURCES PLC