Completion of Farm-out with Total E&P UK Ltd

RNS Number : 1863Z

Egdon Resources PLC

04 February 2014

 



For Immediate Release                                                                                  4 February 2014

EGDON RESOURCES PLC

("Egdon" or "the Company")

Completion of Farm-out Agreement with Total E&P UK Limited - PEDL139 & PEDL140

Egdon Resources plc (AIM:EDR) is pleased to announce the completion of the Farm-out Agreement with Total E&P UK Limited in respect of UK Onshore Petroleum Exploration and Development Licences PEDL139 and PEDL140. 

As a consequence of the various agreements between the parties, Egdon will receive $600,000 (ca. £365,000) in cash following completion.

The interests in PEDL139/140 are: 

Total E&P UK Limited                                                                           :  40.0%

GP Energy Limited (a subsidiary of Dart Energy Europe Limited)              :  17.5%

Egdon Resources U.K. Limited                                                              :  14.5%

Island Gas Limited                                                                                :  14.5%

eCORP Oil & Gas UK Limited                                                                :  13.5%

For further information please contact:

Egdon Resources plc

Mark Abbott, Jerry Field                                                                          01256 702292

Buchanan

Richard Darby, Gabriella Clinkard, Tom Hufton                                          020 7466 5000

Nominated Adviser and Broker - Cantor Fitzgerald Europe

David Porter, Tom Sheldon (Corporate Finance)                                        020 7894 7000

Richard Redmayne (Corporate Broking)

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 and France. 

Egdon currently holds interests in thirty 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.

 

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