Egdon Resources plc (AIM:EDR) is pleased to announce the acquisition of an additional interest in PEDL201 in the Company’s East Midlands core area.
Egdon will acquire a 12.5% interest in PEDL201 in the Widmerpool Gulf from Corfe Energy limited for an all share consideration of £50,000. The number of consideration shares will be calculated based on the average closing mid-price for the five days prior to the day of completion.
Egdon will have a 45.00% operated interest in PEDL201 following completion of this acquisition which will add a total of 2,471 net acres to Egdon’s licence holdings. The licence is considered by Egdon to hold significant prospectivity for both conventional and unconventional resources. The transaction is subject to Oil and Gas Authority approval.
Commenting on the acquisition, Mark Abbott, Managing Director of Egdon Resources plc, said:
“We are pleased to increase our operated interest in PEDL201 in the Widmerpool Gulf. This acquisition is consistent with our strategy of enhancing our position in our core areas where we see significant oil and gas potential.”