Egdon Resources PLC - UK-focused oil & gas exploration and production - signed a legally binding & confidential settlement agreement with Humber Oil & Gas Ltd. The joint parties to PEDL253 have therefore resolved the dispute arising under the joint operating agreement. Upon implementation of the terms of the Settlement Agreement Egdon Resources UK Ltd will hold a 39% operated interest in PEDL253. "Having retained the wellsite, the joint venture has maintained its optionality to pursue a cost effective side-track to test the resource potential of not only the Basal Westphalian Sandstone play, but also to appraise the oil column demonstrated in the deeper Dinantian Carbonate reservoir. Our detailed work has concluded that a potentially material and commercially viable hydrocarbon resource remains to be tested at Biscathorpe," said Managing Director Mark Abbott.
Current stock price: 2.30 pence
Year-to-date change: down 33%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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