12 Jun 2017 07:00
12 June 2017
EGDON RESOURCES PLC
("Egdon" or "the Company")
UK Onshore Licence Interest Acquisition
Egdon Resources plc (AIM:EDR) is pleased to announce completion of the acquisition of an interest in a licence in the Company's East Midlands core area.
Egdon is acquiring a 50% interest in PEDL278 (UK National Grid Block SE51b) from Celtique Energie Petroleum Limited ("Celtique") and Investcan Ltd. ("Investcan") who were originally awarded the licence in the 14th Round. Egdon and Island Gas Ltd (IGas, operator) are each acquiring a 50% interest in the licence from Celtique and Investcan for a nominal cash consideration. The acquisition has already been approved by the Oil and Gas Authority (OGA).
The licence contains the Kirk Smeaton tight gas discovery (RTZ, 1985) and other conventional and unconventional prospectivity. This acquisition adds 4,695 net acres to Egdon's unconventional resources position which now amounts to a total net area of ca. 205,800 acres.
Commenting on this new acquisition, Mark Abbott, Managing Director of Egdon Resources plc, said:
"We are pleased to acquire a material holding in a licence containing the 1985 Kirk Smeaton tight gas discovery and further prospectivity at minimal cost. This acquisition is consistent with our strategy of enhancing Egdon's position in core areas where we see significant oil and gas potential."
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Richard Darby, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Sarah Wharry (Corporate Finance) 020 7894 7000
Mark Westcott (Sales)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
Egdon Resources plc
Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.
Egdon holds interests in 44 licences in the UK and France and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator in both the UK and France.
Egdon was formed in 1997 and listed on AIM in December 2004.
In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.
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.