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.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


A Traders Guide to Analysis and Research

An e-book dedicated to helping you improve your analysis by looking at RBOB futures performance. ...

Storm Impact Analytics for Utilities

In recent years, increasingly volatile and extreme weather events have significantly impacted the...

Reach New Heights: Six Best Practices in Planning and Scheduling

These 6 best practices have created millions of dollars in value for many global companies. Learn...

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...