The Company is pleased to provide an update to the announcement of 4 November 2019, regarding the exclusivity agreement (the “Agreement”) in respect of Licences P1929 and P2304 (the “Licences”) with a large internationally recognised exploration and production company (the “Counterparty”). Egdon Resources U.K. Limited and the Counterparty have agreed to a short extension to the deadline (from 19 January 2020) for execution of a definitive “farm-out” agreement under the terms of the Agreement.
The short extension will run until 23 January 2020 to provide time for the completion of the farm-in documentation.
Until the definitive agreement is signed, no assurance can be given that a commercial transaction will ultimately be concluded with the Counterparty.
Mark Abbott, Managing Director of Egdon Resources plc, said:
“Having secured extensions to the Licences during November 2019, we have made excellent progress in respect of agreeing the terms and preparing the documentation for a potential farm-in by the Counterparty.”