PEDL253 is located in the South Humber basin and contains the drill-ready Biscathorpe prospect, where the Biscathorpe-2 conventional exploration well is planned to be drilled around the middle of the year.
Humber will purchase 5.0% of Egdon's interest in PEDL253 by paying its pro-rata share of the Biscathorpe-2 well costs plus an additional
The company said that Humber will also acquire an additional 5.0% from Montrose Industries Ltd's interest in PEDL253 under the same terms.
Egdon will hold a majority interest in PEDL253 of around 36%, while Montrose will hold 22%, Union Jack Oil PLC 22%, and Humber 20%.
Egdon shares were trading 2.1% higher at
