Egdon Resources said today that it had wrapped up a deal to increase its stake in a licence in the East Midlands.
Hampshire-based Egdon will trade £50,000 worth of shares for 12.5% of licence PEDL201, which is in the Widmerpool Gulf.
The London-listed firm is acquiring the stake from Corfe Energy.
The transaction, first announced in November, will give Egdon 45% of the licence.
Egdon managing director Mark Abbott said: “We are pleased to have now completed this acquisition which is in line with Egdon’s stated strategy of enhancing our position in core areas where we see significant oil and gas potential.”