14 Mar 2019 07:00
14 March 2019
EGDON RESOURCES PLC
("Egdon" or "the Company")
PEDL 143 Transfer of Operatorship
Egdon Resources plc notes the announcement made this morning by Europa Oil & Gas (Holdings) plc, ("Europa") on behalf of the operator of the Holmwood Licence PEDL143 (in which Egdon holds an 18.4% interest) that it is in the process of transferring its operatorship of UK onshore licence PEDL143 to UK Oil & Gas Investments plc ('UKOG').
The Europa release stated;
"Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that it is in the process of transferring its operatorship of UK onshore licence PEDL 143 ('the Licence') to UK Oil & Gas Investments plc ('UKOG'). Europa will continue to hold a 20% interest in the Licence, which is located in the Weald Basin, Surrey, alongside UKOG (40%), Egdon Resources plc (18.4%), Angus Energy plc (12.5%), Union Jack Oil plc (7.5%) and Altwood Petroleum (1.6%).
The decision to transfer operatorship of PEDL 143 is based on Europa's focus on its high impact portfolio of exploration licences in Atlantic Ireland, its existing producing assets onshore UK, and the Company's pursuit of new ventures in its chosen areas of focus, specifically the Atlantic seaboard, North Africa and NW Europe.
With its operational activities centred on the Weald Basin, the Company believes UKOG's direct experience with, and technical knowledge of the Portland and Kimmeridge plays at the nearby Horse Hill discovery, will help inform a forward plan for the Licence.
The transfer of PEDL143 operatorship to UKOG is subject to Oil and Gas Authority consent."
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 Broker - Cantor Fitzgerald Europe
David Porter/Nick Tulloch (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.
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