Press comment

RNS Number : 8322G

Egdon Resources PLC

12 May 2014

 



For Immediate Release                                                                                  12 May 2014

EGDON RESOURCES PLC

("Egdon" or "the Company")

Press comment

Egdon Resources plc (AIM:EDR) notes the press commentary on Saturday 10 May and confirms it is in advanced discussions with Alkane Energy on a potential transaction involving an acquisition of Alkane's onshore shale assets for 40,000,000 ordinary shares in Egdon with an accompanying fundraising of £7 million at 20 pence per share for working capital purposes.  The fund raise is expected to be implemented via a placing of £6.4 million and an open offer of £600,000.

The potential transaction and fundraising remain subject to finalisation.  The potential transaction is expected to be conditional on approval of the fundraising by Egdon shareholders.  An announcement will be made in due course. 

For further information please contact:

Buchanan

Richard Darby, Anna Michniewicz                                                               020 7466 5000

Nominated Adviser and Joint Broker - Cantor Fitzgerald Europe

David Porter, Tom Sheldon (Corporate Finance)                                           020 7894 7000

Richard Redmayne, Julian Erleigh (Corporate Broking)

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 primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and France. 

Egdon currently holds interests in 27 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.

 

END

 

 

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