Egdon Resources has bought an additional 5% interest in the licences containing the Wressle oil discovery and the Broughton North prospect.
London-listed Egdon will pay Celtique Energie Petroleum £417,000 once first oil is produced.
Egdon will shortly submit a new planning application for the Wressle development.
Union Jack Oil and Humber Oil and Gas will each acquire 12.50% in the same licences, again from Celtique.
On completion of the deals, Egdon will hold 30% of the two licences, Union Jack will have 27.5%, and Humber will have 12.5%. The other partner is Europa Oil and Gas, with 30%.
Egdon managing director Mark Abbott said: “Today’s transaction underlines our confidence in the quality and deliverability of the Wressle project.
“We have been able to add to our existing material interest in the licences with the consideration deferred to the point of revenue generation from the Wressle field.
“The transaction emphasises our strategy to achieve a balanced business comprised of revenue generating conventional assets to complement the high-impact UK unconventional licences within our portfolio.”
Recommended for you
