Egdon expands interests in UK onshore licenses

Egdon Resources PLC has agreed to acquire additional interests in two of its recently announced UK 14th Onshore Oil and Gas Licensing Round awards, PEDL334 and PEDL306, through an assignment of interests from Celtique Energie Petroleum Ltd. at no cost.

The deals, covering the East Midlands area, will add 14,428 net acres to Egdon’s license holdings.

Egdon and Petrichor Energy UK Ltd. have agreed to jointly take over Celtique’s interest in PEDL334 covering the Humber basin. Egdon’s equity in the license will increase to 60% from 37.5%, and Petrichor’s to 40% from 25%.

Egdon and Petrichor have agreed to jointly take over Celtique’s interest in PEDL306 covering the Widmerpool basin. Egdon’s interests in the license will increase to 30% from 18.75%, and Petrichor’s to 20% from 12.5%. Hutton Energy Ltd. and Coronation (Oil & Gas) Ltd. each holds 25%.

Earlier this month UK’s Oil & Gas Authority, as part of the 14th Round, issued Egdon nine petroleum exploration and development licenses covering 18 UK national grid blocks and partial blocks with a total area of 281,979 acres.

In addition to the East Midlands Petroleum Province, Egdon gained licenses in the Cleveland basin. The firm said these core areas provide “a mix of new conventional and unconventional resource opportunities.”

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