Acquisition of Licence Interest

RNS Number : 0955V

Egdon Resources PLC

06 January 2012

 



For immediate release                                                                                                     6 January 2012           

EGDON RESOURCES PLC

("Egdon" or "the Company")

Acquisition of Licence Interest

Egdon Resources plc (AIM:EDR) is pleased to announce that EnCore Oil plc ("EnCore") will assign to Egdon its 7.5% interest in a newly offered offshore licence covering part blocks 98/13 and 98/14. This assignment is a consequence of the agreement by which Egdon acquired certain UK and French assets from EnCore, and which completed in 2010.

The new licence is located immediately offshore from existing Isle of Wight onshore licence, PEDL 240 where Egdon also has a 7.5% interest acquired from EnCore.  The part blocks 98/13 and 98/14 cover the offshore extension from PEDL 240 of a prospect that has been mapped using both seismic and well data and is located in the same petroleum basin as the Wytch Farm oil field.

The assignment is subject to approval from Department of Energy and Climate Change.

Following completion the licensees in part blocks 98/13 and 98/14 will be:

NP Solent Ltd                                    62.5% (Operator)

Magellan Petroleum (UK) Ltd        22.5%

Egdon Resources U.K. Limited      7.5%

Montrose Industries Ltd                    5.0%

Oil & Gas Investments Ltd                2.5%

For further information please contact:

Egdon Resources plc

Mark Abbott                                                                                01256 702292

Buchanan Communications

Richard Darby, James Strong, Gabriella Clinkard                      020 7466 5000

Nominated Adviser and Broker - Seymour Pierce

Jonathan Wright, Sarah Jacobs (Corporate Finance)                020 7107 8000

Richard Redmayne (Corporate Broking)

Notes to Editors:

Egdon Resources plc

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 and Europe. 

Egdon currently holds interests in thirty one 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 25 years' experience.

 

END

 

 

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