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Egdon Resources PLC (EDR)

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Monday 20 January, 2020

Egdon Resources PLC

Update on P1929 and P2304 Agreement

RNS Number : 2327A
Egdon Resources PLC
20 January 2020
 

 

20 January 2020

EGDON RESOURCES PLC

("Egdon" or "the Company")

P1929 and P2304 Extension to term of Exclusivity Agreement

 

The Company is pleased to provide an update to the announcement of 4 November 2019, regarding the exclusivity agreement (the "Agreement") in respect of Licences P1929 and P2304 (the "Licences") with a large internationally recognised exploration and production company (the "Counterparty").  Egdon Resources U.K. Limited and the Counterparty have agreed to a short extension to the deadline (from 19 January 2020) for execution of a definitive "farm-out" agreement under the terms of the Agreement.

The short extension will run until 23 January 2020 to provide time for the completion of the farm-in documentation.

Until the definitive agreement is signed, no assurance can be given that a commercial transaction will ultimately be concluded with the Counterparty.

Mark Abbott, Managing Director of Egdon Resources plc, said:

"Having secured extensions to the Licences during November 2019, we have made excellent progress in respect of agreeing the terms and preparing the documentation for a potential farm-in by the Counterparty."

 

For further information please contact:

Egdon Resources plc

Mark Abbott / Martin Durham                                                     01256 702 292

 

Buchanan

Ben Romney, Chris Judd                                                           020 7466 5000

 

Nominated Adviser and Joint Broker - Cantor Fitzgerald Europe                    

David Porter/ Rick Thompson (Corporate Finance)                      020 7894 7000

Caspar Shand Kydd (Sales)

 

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 focused on onshore exploration and production in the hydrocarbon-producing basins of the UK. 

Egdon holds interests in 44 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets.  Egdon is an approved operator in the UK.  Egdon was formed in 1997 and listed on AIM in December 2004.

 

Qualified Person Review

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, this release has been reviewed by Mark Abbott, Managing Director of Egdon, who is a geoscientist with over 30 years' experience and is a member of the Petroleum Exploration Society of Great Britain and a Fellow of the Geological Society.  Mr Abbott has consented to the inclusion of the technical information in this release in the form and context in which it appears.

Evaluation of hydrocarbon volumes has been assessed in accordance with 2018 Petroleum Resources Management System (PRMS) prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG),  the Society of Petroleum Evaluation Engineers (SPEE), the Society of Exploration Geophysicists (SEG), the Society of Petrophysicists and Well Log Analysts (SPWLA) and the European Association of Geoscientists & Engineers (EAGE).

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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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