(Alliance News) - Egdon Resources PLC has extended the deadline for a farm-out agreement of two licences, it said on Monday.
Egdon in November signed an exclusivity agreement with a "large internationally-recognised exploration and production company" over the P1929 and P2304 offshore UK licences.
The previous deadline was Sunday, but the two have now extended this to Thursday this week to finalise documentation.
"Having secured extensions to the licences during November, we have made excellent progress in respect of agreeing the terms and preparing the documentation for a potential farm-in by the counterparty," said Egdon Managing Director Mark Abbott.
Egdon shares were 0.9% lower on Monday morning in London at a price of 5.20 pence each.
By George Collard; georgecollard@alliancenews.com
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