Gulf Oil and Gas accountACCOUNT

Egdon Resources Acquired 100% Interest in Promote Licence P2304

Source: 12/4/2017, Location: Europe

Share |
Egdon Resources plc has announced the acquisition of 100% interest in Promote Licence P2304 (UKCS Block 41/24) from Arenite Petroleum Limited and Europa Oil & Gas Limited. P2304 is located to the immediate south of Egdon's 100% owned licence P1929 (UKCS Blocks 41/18 and 41/19) offshore North Yorkshire, which contains the 1966 Resolution gas discovery.

The consideration comprises the immediate reimbursement of the 2017 licence rental, OGA Levy and vendors' legal costs (c. £15,000 in total) and future staged payments contingent on the successful completion of various potential exploration activities and/or on reaching certain production milestones.

The Resolution discovery structural closure is mapped by Egdon as extending southwards from P1929 into P2304 and the licence also contains a second gas discovery confirmed by wells, 41/24A-1 (1969, Total), 41/24A-2 (1981, Total), and 41/24-3 (1993, Conoco) which tested at rates of up to 34 million cubic feet of gas per day and 1280 barrels per day of condensate from the Plattendolomit, a Zechstein carbonate unit slightly younger than the Hauptdolomit reservoir tested in the Resolution discovery well. As with P1929, P2304 contains additional prospectivity in deeper gas bearing Carboniferous sandstones underlying the proven Zechstein reservoir sequences.

P2304 was awarded to Europa and Arenite as a Promote Licence in the UK Offshore 28th Licensing Round with an effective date of 1 December 2015, and the OGA has agreed to extend the Initial Term of the Licence until 1 December 2018. The transfer of interests in P2304 from Europa and Arenite to Egdon is subject to OGA approval.

Commenting on the acquisition, Mark Abbott, Managing Director said: "We are pleased to have acquired this highly prospective acreage at a nominal up-front consideration. The licence contains a mapped extension of the Resolution gas accumulation and an additional proven gas discovery. We will now work to integrate our evaluation of the new licence into our detailed understanding of P1929 with a view to progressing appraisal of the proven gas resources in the combined area."

Acquisitions and Divestitures News in United Kingdom >>

United Kingdom >>  3/22/2018 - North Sea oil and gas producer Chrysaor has agreed to acquire stakes in three aging fields from Spirit Energy, hoping to prolong their production with...
United Arab Emirates >>  3/21/2018 - PetroChina Company Limited (“PetroChina”) has been awarded stakes in Abu Dhabi’s two offshore oilfield concessions following the signing of agreements...

Botswana >>  3/20/2018 - The directors and management of Strata-X Energy Ltd. are pleased to announce that the Company has acquired two new Prospecting Licenses for its Serowe...
Australia >>  3/19/2018 - INPEX CORPORATION was individually awarded an exploration permit for Release Area WA-533-P (the Block) as Operator in Australia’s 2017 Offshore Petrol...

Yemen >>  3/19/2018 - Petsec Energy has completed the transaction with Oil Search to acquire all of the shares of its subsidiary Oil Search (ROY) Limited which holds a 40% ...
United Arab Emirates >>  3/18/2018 - Total has signed two new 40-year concession agreements with the Supreme Petroleum Council of the Emirate of Abu Dhabi (United Arab Emirates) and the A...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 |

More News


Oil & Gas Companies in United Kingdom >>

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.