Egdon Resources PLC - UK-focused oil and gas exploration and production company - Completes the acquisition of Aurora Production UK Ltd from Aurora Petroleum Ltd.
Aurora Production holds a 19% interest in the Egdon-operated licence PL090, which contains the Waddock Cross oil field, and an 8.3% interest in the IGas-operated licence PEDL070, which contains the Avington oil field.
As a result of the acquisition, Egdon's interest in the Waddock Cross oil field increases to 74% and to 56% in the remaining parts of PL090 licence, excluding the Waddock Cross oil field. Egdon also increases its holding in the Avington oil field to 36%.
Managing Director Mark Abbott says: "Both assets have active plans in place to rejuvenate oil production. The acquisition therefore adds potential for near-term incremental production, adds to our resource base and delivers substantial tax losses that may be utilised to offset future taxes."
Current stock price: 2.72 pence
12-month change: up 21%
By Heather Rydings, Alliance News senior economics reporter
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