Egdon Resources PLC UK Onshore Licence Interest Acquisitions (4386N)
October 26 2016 - 1:00AM
UK Regulatory
TIDMEDR
RNS Number : 4386N
Egdon Resources PLC
26 October 2016
26 October 2016
EGDON RESOURCES PLC
("Egdon" or "the Company")
UK Onshore Licence Interest Acquisitions
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 km(2) ) 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 prospective 14th 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."
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Richard Darby, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Sarah Wharry (Corporate Finance)
Mark Westcott (Sales) 020 7894 7000
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established UK-based
exploration and production company primarily focused on onshore
exploration and production in the hydrocarbon-producing basins of
the UK.
Egdon holds interests in 43 licences in the UK and France and
has an active programme of exploration, appraisal and development
within its balanced portfolio of oil and gas assets. Egdon is an
approved operator in both the UK and France.
Egdon was formed in 1997 and listed on AIM in December 2004.
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, the information contained in this announcement has
been reviewed and signed off by the Managing Director of Egdon
Resources plc Mark Abbott, a Geoscientist with over 26 years'
experience.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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