02:00 Mon 06 Nov 2017
Egdon Resources PLC - Sale of interest in Fiskerton Airfield Oil Field
("Egdon" or "the Company")
Sale of interest in the Fiskerton Airfield Oil Field
The cash consideration for the 20% interest is approximately
The effective date of the agreement is
Following completion of the transaction the interests held in EXL294 will be:
Egdon Resources
Union Jack Oil plc 20%
On
Commenting on the sale,
"We are pleased to welcome Union Jack as a partner on the Fiskerton Airfield Oil Field. We have elected to sell a minority interest in the field to manage our overall financial exposure to the asset going forward and to enable evaluation of the up-side at minimal cost through the carried seismic reprocessing. As we stated back in
For further information please contact:
Buchanan
Richard Darby, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter (Corporate Finance) 020 7894 7000
Caspar Shand Kydd / Alex Pollen (Sales)
Joint Broker -
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
The field is currently producing circa 16 bopd from one of two production wells (FA-3). Egdon plans to enhance the cash flows and profitability of the operation by increasing production initially to between 30 and 40 bopd via low cost well interventions. During the next few months it is planned to workover both the currently producing FA-3 and the shut-in FA-1 wells by installing new tubing, pumps and isolating water producing zones.
Egdon holds interests in 43 licences in the UK 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
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.
Evaluation of hydrocarbon volumes has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via
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