Sale of Licence Interests to UK Oil & Gas

RNS Number : 6862D

Egdon Resources PLC

02 February 2015

 

                                                                                                                     2 February 2015

EGDON RESOURCES PLC

("Egdon" or "the Company")

Sale of Licence Interests to UK Oil & Gas Investments PLC

Egdon Resources plc (AIM: EDR, "the Company") is pleased to announce that the Company has agreed the sale of its interests in two non-core licences in Southern England to UK Oil & Gas Investments PLC (AIM: UKOG, "UKOG").

Subject to the normal regulatory approvals, UKOG will acquire Egdon's 7.5% interest in licence P.1916 offshore the Isle of Wight and the Company's 10.0% interest in Weald Basin licence PEDL126 each for a nominal consideration, with the effective date of each transaction being 1 January 2015.   

Commenting on these disposals, Mark Abbott, Managing Director of Egdon said:

"We are pleased to have completed the disposal of these two minority interest, non-core assets in line with our stated strategy of concentrating our resources on fewer, higher impact projects."

For further information please contact:

Egdon Resources plc

Mark Abbott, Jerry Field                                                                                          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

Richard Redmayne (Corporate Broking)

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 and France. 

Egdon will hold interests in thirty four licences in the UK and France following completion of this transaction 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.

 

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