Appointment of Director
Egdon Resources PLC (AIM:EDR) is pleased to announce the appointment of Jerry Field as Exploration Director with immediate effect. Jerry has been employed as Exploration Manager at Egdon since February 2011.Jeremy James Field, 56, graduated from Leeds University in 1977 and has since gained over 30 years’ oil industry experience working in small-to-medium sized independent Exploration and Production companies (including Weeks Petroleum, Triton, Ranger, Canadian Natural Resources, Toreador and Northern Petroleum). Jerry has a breadth of experience of exploration in Europe, Africa, the Middle East and the Indian subcontinent and has spent a good proportion of his career working in Egdon’s core areas of the UK Onshore and France. As a result of his far-reaching experience, Jerry has developed a wide range of contacts throughout the industry, and has significant experience in managing exploration projects at all levels.Jerry currently has no other directorships and there is no further information to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies. Jerry Field does not hold any Ordinary Shares in the Company.Commenting in the appointment, Mark Abbott, Managing Director of Egdon said;
“I am delighted that Jerry has agreed to this appointment, which strengthens the executive representation on the Board. Jerry is highly respected in the industry and brings a wealth of experience, particularly in our core areas of operation, and he will be instrumental in developing the businesses as we begin a more active exploration phase.”
Alkane Transaction, Placing and Open Offer
Results of Annual General Meeting
Results of Annual General Meeting
The Directors of Egdon Resources plc are pleased to announce that at the Annual General Meeting held at the offices of Buchanan at 11.30 am on 8 December 2011 all resolutions put before the meeting were duly passed.
At the meeting the Managing Director Mark Abbott presented a review of the business and its plans for 2012 which is now available on the Company's website www.egdon-resources.com.
Annual General Meeting 2011 Voting Results and Proxy Appointments
Farm-out of interest in PEDL206
Egdon Resources plc (AIM:EDR) is pleased to announce that it has reached agreement to farm-out an interest in Nottinghamshire licence PEDL206 to Angus Energy Kelham Hills Limited ("Angus"). Under the terms of the agreement, Angus will acquire a 50 per cent interest in the licence from Egdon in return for carrying the Company for 15 per cent of the costs of two well's or 25 per cent of the cost of a single well. The wells or well are to be drilled during the initial term of the licence, which ends on 30 June 2014. As part of the agreement Angus will also assume operatorship of the licence. Following completion, Egdon will retain a 25% interest in the licence.PEDL206 was awarded in the 13th Onshore Licensing Round in 2008 and is located immediately to the east of PEDLs 118 and 203 which contain the Company's Dukes Wood-1 and Kirklington-3z oil wells that are due to resume production in 2012. The licence contains the Kelham Hills abandoned oil field, which produced two million barrels of oil between 1941 and 1957. A number of leads and prospects have been defined on existing seismic data which will be the focus of future exploration activity.The assignment and change of operatorship are subject to approval from the Department of Energy and Climate Change (DECC).Egdon's Managing Director, Mark Abbott, commented:
"Whilst containing a number of leads and prospects close to known oil production, their potential size means that PEDL206 is not a priority for the Company. This transaction enables Egdon to maintain an interest in the area whilst limiting the required financial and management resources. This farm-out is an example of our stated strategy of concentrating our resources on fewer higher potential projects as the Company develops."
Posting of Annual Report and Accounts
Egdon Resources plc is pleased to advise that the Annual Report and Accounts and AGM Notice have been posted to shareholders today. A copy of the document is also now available on the Egdon website (www.egdon-resources.com)2011 Annual Report and Accounts and AGM Notice
Issue of Equity and Total Voting Rights
Egdon Resources plc (AIM:EDR) announces that pursuant to the exercise of options granted under the Company’s Enterprise Management Incentive Scheme, 150,000 ordinary shares of 1 pence each have been issued and allotted.Application has been made for the admission of the 150,000 new ordinary shares of 1 pence each to trading on AIM. It is expected that dealing in these new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, will commence on or around 30 May.Following this allotment, the total issued share capital of the Company has increased to 145,765,814 ordinary shares with an equal amount of voting rights and no shares are held in treasury.
PEDL201
Egdon Resources plc (AIM:EDR) notes the announcement made today by Union Jack Oil plc ("UJO") of the results of a resource assessment commissioned from Molten Limited by UJO in respect of the shale potential of the northern parts of PEDL 201.
Egdon has a 32.50% interest in, and is operator of PEDL 201.
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