Completion of Sale of Licence

RNS Number : 9556D

Egdon Resources PLC

11 December 2009

 



Immediate Release

11 December 2009

EGDON RESOURCES PLC 

("Egdon" or "the Company")

Completion of Sale of Licence Interests to Terrain Energy Limited

The Directors' of Egdon Resources plc (AIM:EDR) are pleased to announce that completion of the sale of interests in four onshore UK licences to Terrain Energy Limited ("Terrain") took place on 8 December 2009.

The interests acquired by Terrain are all located in the East Midlands and comprise a 15% interest in PEDL005 (Remainder), and 25% interests in PEDL203, PEDL118 and PEDL206 respectively. Egdon retains a 75% operated interest in all of these licences.

The total value of the transaction to Egdon will be £687,500, £450,000 of which has been received with a further £237,500 payable on a staged basis on commencement of specific drilling activity on licences PEDL005(Remainder), PEDL118 and PEDL203.  

For further information please contact:

Egdon Resources plc

Mark Abbott Managing Director                                        01256 702292

Buchanan Communications

Ben Willey, Miranda Higham                                            020 7466 5000

Nominated Adviser and Broker - Seymour Pierce    

Richard Redmayne, Jonathan Wright, Sarah Jacobs            020 7107 8000

Terrain Energy Limited  

John Glencross   020 7493 4940

Notes for Editors

Egdon Resources plc

Egdon Resources plc 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 holds interests in twenty four 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 has production from the Keddington and Kirklington oil fields in the East Midlands and the Avington oil field in Hampshire. Further oil and gas production is anticipated from Eakring-Dukes Wood and Waddock Cross during 2009 with Kirkleatham to follow in 2010. 

Egdon Resources plc listed on AIM in January 2008, following the demerger of its gas storage business, Portland Gas plc. The pre-demerged business was formed in 1997 and listed on AIM in December 2004.

In accordance with AIM rules - guidance for mining, 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 23 years experience.

 

END

 

 

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