Oil and gas company Nautical Petroleum has agreed to buy 15% interests in two onshore UK exploration licences from Egdon Resources.
Nautical will pay £200,000 on completion and £150,000 towards Egdon’s costs of the next well to be drilled on either licence.
Both are in Nottinghamshire and contain the Kirklington-3z producing well, which is currently shut-in awaiting development of Dukes Wood-1, which is in the same area, as well as other targets.
Egdon will have a 50% stake in both licences on completion of the deal.
