Egdon Resources Gains Nine New UK Onshore Licenses
October 03 2016 - 3:53AM
Dow Jones News
By Alex MacDonald
LONDON-U.K.-based oil and gas explorer Egdon Resources PLC
(EDR.LN) said Monday it has secured nine new licenses in the U.K.'s
14th onshore oil and gas licensing round.
These new licenses cover a total of 18 blocks and part blocks or
roughly 1,141 square kilometres (441 square miles) and are located
in the East Midlands Petroleum Province and the Cleveland Basin.
The licenses expand the company's acreage of conventional and
unconventional resource opportunities.
"We are pleased to be formally issued with these new licences
that were initially offered to the Company in August and December
2015," said Managing Director Mark Abbott. "The award of the
licences strengthens Egdon's position in two of our core areas, the
East Midlands and Cleveland Basins."
In the three new East Midlands, Gainsborough Trough licenses,
Egdon will own a 15% stake while Total SA (TOT) will own 50% and
IGas Energy PLC (IGAS.LN) will be the operator with a 35%
holding.
In the other licenses, Egdon will own between a 17.5% to 100%
stake in the licenses.
Egdon's shares were up 0.9% at 14.5 pence a share, resulting in
a market capitalization of 32 million pounds or $41 million.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
October 03, 2016 04:38 ET (08:38 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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