Egdon Resources Plc acquired additional interests in two 14th Round licenses in its East Midlands core area in the U.K. through an assignment of interests from Celtique Energie Petroleum Ltd., the company said.
U.K.-based Egdon acquired the interests at no cost, and said that the transactions will add a total of 14,428 net acres (58 square miles) to its license holdings.
Egdon and Petrichor Energy UK Ltd. will jointly take over Celtique's interest in PEDL334 in the Humber Basin. As a result, Egdon will now have 60% interest, up from 37.5%, and Petrichor will have 40%, up from 25%.
In the Widmerpool Basin, the two companies will jointly take over Celtique's interest in PEDL306, attaining 30% and 20% interests, respectively. Egdon’s interest will have increased from 18.75% and Petrichor’s will have increased from 12.5%. Hutton Energy Ltd. will have 25%, and Coronation (Oil and Gas) Ltd. will have 25%.
The transactions are subject to Oil and Gas Authority approval.
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