| 11 December 2009 - Completion of sale of interests to Terrain Energy Limited |
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The Directors’ of Egdon Resources plc (AIM:EDR) are pleased to announce that completion of the sale of interests in four onshore UK licences to Terrain Energy Limited (“Terrain”) took place on 8 December 2009.
The interests acquired by Terrain are all located in the East Midlands and comprise a 15% interest in PEDL005 (Remainder), and 25% interests in PEDL203, PEDL118 and PEDL206 respectively. Egdon retains a 75% operated interest in all of these licences.
The total value of the transaction to Egdon will be £687,500, £450,000 of which has been received with a further £237,500 payable on a staged basis on commencement of specific drilling activity on licences PEDL005(Remainder), PEDL118 and PEDL203.
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