Acquisition of additional interest in PEDL068
Egdon Resources plc (AIM:EDR) is pleased to announce that it has reached agreement to acquire an additional 20% interest in Petroleum Exploration and Production Licence PEDL068 from DESS Energy Limited (“DESS”) bringing our total interest to 68%. Egdon is operator of PEDL068 which is located in the Cleveland Basin of North Yorkshire. This transaction follows DESS’ acquisition of Sterling Resources (UK) Limited’s 47% interest in the licence.
Notification of Major Interest in Shares
Notification of Major Interest in Shares
UK Licence Changes
Egdon Resources plc (AIM:EDR) is pleased to advise that the Oil and Gas Authority (“OGA”) has approved various licence extensions and conversions of licences to new model terms, and the relinquishment of one Egdon operated licence.
The OGA has offered holders of existing UK Onshore licences the opportunity to adopt 14th Round licence terms which allow licensees to nominate areas to be retained in exchange for additional work programmes. Egdon has elected to follow this path on four operated licences and one further non-operated licence where the partnership has also decided to accept the new licensing terms.
Extension of Licence PEDL143
Egdon Resources plc (AIM:EDR) notes the release made this morning by Europa Oil and Gas (Holdings) plc (“Europa”) in respect of PEDL143 where Egdon holds an 18.4% interest. Europa included the following statements;
Europa “is pleased to announce it has received notification from the Oil & Gas Authority that the PEDL 143 Licence in the Weald Basin, Surrey, UK, has been extended by two years until 1 October 2018. This will enable Europa to drill the conventional Holmwood prospect (‘Holmwood’), which has estimated gross mean unrisked prospective resources of 5.6 million barrels of oil (‘mmbo’) in Portlandian and Corallian sandstones and a P90 – P10 range of resources of 1 to 11mmbo, in late 2016 / H1 2017, subject to funding. (Read more…)