Egdon Resources plc (AIM:EDR) is pleased to announce 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.
Commenting on the acquisitions, Mark Abbott, Managing Director of Egdon Resources plc, said:
“We are pleased to build on our interests in two recently awarded highly prospective14th Round blocks. These zero cost acquisitions are consistent with our strategy of enhancing our position in our core areas where we see significant oil and gas potential.”