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Egdon Resources plc (AIM:EDR) is pleased to announce that EnCore Oil plc (“EnCore”) will assign to Egdon its 7.5% interest in a newly offered offshore licence covering part blocks 98/13 and 98/14. This assignment is a consequence of the agreement by which Egdon acquired certain UK and French assets from EnCore, and which completed in 2010.
The new licence is located immediately offshore from existing Isle of Wight onshore licence, PEDL 240 where Egdon also has a 7.5% interest acquired from EnCore. The part blocks 98/13 and 98/14 cover the offshore extension from PEDL 240 of a prospect that has been mapped using both seismic and well data and is located in the same petroleum basin as the Wytch Farm oil field.
The assignment is subject to approval from Department of Energy and Climate Change.
Following completion the licensees in part blocks 98/13 and 98/14 will be:
NP Solent Ltd 62.5% (Operator)
Magellan Petroleum (UK) Ltd 22.5%
Egdon Resources U.K. Limited 7.5%
Montrose Industries Ltd 5.0%
Oil & Gas Investments Ltd 2.5%
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