Gulf Oil and Gas accountACCOUNT

Egdon to Sell 15% Interests in PEDL118 and PEDL203

Source: www.gulfoilandgas.com 12/23/2011, Location: Europe

Egdon Resources plc is pleased to report that it has reached agreement with Nautical Petroleum AG, a wholly owned subsidiary of Nautical Petroleum plc, to sell 15% interests in onshore UK Petroleum Exploration and Development Licences (PEDLs) PEDL118 and PEDL203 located in Nottinghamshire.

The consideration comprises a cash sum payable on completion of £200,000 and the payment of £150,000 towards Egdon's costs of the next well to be drilled on PEDL118 or PEDL203. The effective date of the transaction is 31 December 2011.

PEDL203 contains the Kirklington-3z producing well which was drilled in 2010 and produced at rates of 15-20 bopd. The Kirklington oil field has all consents and approvals in place for production but is currently shut-in awaiting development of Dukes Wood-1.

The contiguous licence PEDL118 contains the abandoned Eakring-Dukes Wood oil field where the Dukes Wood-1 well was drilled and tested in 2010, with the Ashover Grit "AG4" reservoir interval producing at rates of around 20 bopd. It is intended to dual-complete the Dukes Wood-1 well for production from the AG4 reservoir and for water disposal in the Sub Alton Crawshaw interval. The development has received planning consent and is awaiting environmental and other approvals before being brought into production in conjunction with Kirklington in the first quarter of 2012.

Egdon has also identified a number of independent targets on the Eakring/Dukes Wood structure including previously undrilled highs such as Eakring North where additional wells may be drilled at some future point.

The transfers of interest are subject to amongst other things approval by the Department of Energy and Climate Change.

Following completion the interests in the licences will be as follows:

For PEDL118: Egdon Resources U.K. Limited 50%; Terrain Energy Limited 25%; Nautical Petroleum A 15%; and Angus Energy Eakring Development Ltd 10%.
For PEDL203: Egdon Resources U.K. Limited 50%; Terrain Energy Limited 25%; Nautical Petroleum A 15%; and Angus Energy Kirklington Development Ltd 10%.

Commenting on the sale Egdon's Managing Director Mark Abbott said:

"This transaction provides a useful cash injection to Egdon ahead of the development of the Dukes Wood-1 well which is expected towards the end of first quarter of 2012. The deal also provides Egdon with a substantial carry on the next well to be drilled in the area."

Acquisitions and Divestitures News in United Kingdom >>

United States >>  6/11/2019 - Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc announced it has reached an agreement for the sale ...
Kazakhstan >>  6/9/2019 - At the 23rd St. Petersburg International Economic Forum, President of LUKOIL Vagit Alekperov and Chairman of the Management Board of KazMunayGaz Alik ...

Russia >>  6/9/2019 - Gazprom and OMV signed at the St. Petersburg International Economic Forum 2019 the Contract on the amendments to the Basic Agreement on Asset Sale. Th...
Norway >>  6/7/2019 - PGNiG Upstream Norway will acquire 22.2 percent of shares in King Lear field – PL146 and PL333 licenses – from Total E&P Norge. The volume of producti...

Russia >>  6/7/2019 - As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK has signed the Share Purchase Agreement (“Agreement”) with CNOOC Ltd. (...
Congo >>  6/6/2019 - New Age (African Global Energy) Limited announces that its subsidiary New Age M12 Holdings Limited has signed a Sale and Purchase Agreement (‘SPA’) wi...

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 | 29 | 30 | 31 | 32 |

More News

Related Links

00 AL AT BE BG CH CY CZ DE DK ES FI FR GR HR HU IE IT NL NO PL PT RO SE SI TR UK
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.