UK Onshore Licence Interest Acquisitions

RNS Number : 4386N

Egdon Resources PLC

26 October 2016

 

                                       26 October 2016

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

UK Onshore Licence Interest Acquisitions

Egdon Resources plc (AIM:EDR) is pleased to announce the acquisition of additional interests in two 14th Round licences in the Company's East Midlands core area.

Egdon will materially increase its interests in two of its recently announced Egdon operated 14th Round awards, PEDL334 and PEDL306 via an assignment of interests from Celtique Energie Petroleum Limited ("Celtique") at no cost.  These transactions will add a total of 14,428 net acres (58 km²) to Egdon's licence holdings.

East Midlands - Humber Basin

·    Egdon and Petrichor Energy UK Limited ("Petrichor") have agreed to jointly take over Celtique's interest in PEDL334.  As a result, the new equity in the licence will be Egdon 60% (from 37.5%), and Petrichor 40% (from 25%).

East Midlands - Widmerpool Basin

·    Egdon and Petrichor have agreed to jointly take over Celtique's interest in PEDL306.  As a result, the new interests in the licence will be Egdon 30% (from 18.75%), Petrichor 20% (from 12.5%), Hutton Energy Limited 25%, Coronation (Oil and Gas) Limited 25%.   

The transactions are subject to Oil and Gas Authority approval.

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

"We are pleased to build on our interests in two recently awarded highly prospective 14th Round blocks.  These zero cost acquisitions are 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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