Egdon Resources plc (AIM:EDR) is pleased to announce the completion of the acquisition of the producing Fiskerton Airfield oil field in Lincolnshire licence EXL294 announced 10 July 2017.

Egdon Resources U.K. Limited (or “the Company”) has acquired a 100% interest in, and operatorship of the Fiskerton Airfield oil field from Cirque Energy (UK) Ltd (“Cirque”) for a cash consideration of $750,000.

The effective date of the acquisition is 1 January 2017.  The field sales averaged 16 barrels of oil per day (“bopd”) in the second half of the recently closed Egdon financial year (February-July 2017) the field having been shut in for repairs during January 2017.

The field is currently producing circa 16 bopd from one of two production wells (FA-3).    Egdon plans to enhance the cash flows and profitability of the operation by increasing production initially to between 30 and 40 bopd via low cost well interventions.  During the next few months it is planned to workover both the currently producing FA-3 and the shut-in FA-1 wells by installing new tubing, pumps and isolating water producing zones.