UK Onshore Licence Interest Acquisition

RNS Number : 2630P

Egdon Resources PLC

16 November 2016

 

                  16 November 2016

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

UK Onshore Licence Interest Acquisition

Egdon Resources plc (AIM:EDR) is pleased to announce the acquisition of an additional interest in PEDL201 in the Company's East Midlands core area.

Egdon will acquire a 12.5% interest in PEDL201 in the Widmerpool Gulf from Corfe Energy limited for an all share consideration of £50,000. The number of consideration shares will be calculated based on the average closing mid-price for the five days prior to the day of completion.

Egdon will have a 45.00% operated interest in PEDL201 following completion of this acquisition which will add a total of 2,471 net acres to Egdon's licence holdings. The licence is considered by Egdon to hold significant prospectivity for both conventional and unconventional resources.  The transaction is subject to Oil and Gas Authority approval.

Commenting on the acquisition, Mark Abbott, Managing Director of Egdon Resources plc, said:

"We are pleased to increase our operated interest in PEDL201 in the Widmerpool Gulf.    This acquisition is 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.

 

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