Update on transfer of onshore shale gas business

RNS Number : 3036J

Egdon Resources PLC

10 June 2014

 

Final Release

10 June 2014 

EGDON RESOURCES PLC

("Egdon" or the "Company")

Update on transfer of onshore shale gas business

Further to the announcement of 5 June 2014, Egdon wishes to notify that it has now obtained consent from DECC for the transfer of licences from Alkane.  As a consequence, admission of the new ordinary shares issued pursuant to the transaction with Alkane, the Placing and Open Offer, and completion of the acquisition, is now expected to become effective on 12 June 2014.

Mark Abbott, Managing Director of Egdon commented:

"We are delighted to have obtained consent from DECC enabling the transfer of licences in Alkane's shale-gas interests. Following this transfer, Egdon's prospective acreage in UK shale-gas will nearly double to 140,176 acres, creating a significant new UK shale-gas player."   

For further information please contact:

Egdon Resources plc

Mark Abbott, Jerry Field                                                             01256 702 292

Buchanan

Richard Darby, Anna Michniewicz                                               020 7466 5000

Nominated Adviser and Broker - Cantor Fitzgerald Europe

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

Richard Redmayne (Corporate Broking)

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 and France. 

Following completion of this transaction, Egdon will hold interests in thirty-seven 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.

 

END

 

 

MSCDMGMVKGRGDZM