Egdon Resources Upgrades Interest in U.K. Onshore License
04 Avril 2017 - 10:35AM
Dow Jones News
LONDON--Egdon Resources PLC (EDR.LN) said Tuesday it has
exchanged its 12% stake in the U.K. onshore license PEDL209 in the
Gainsborough Trough with Stelinmatvic Industries Ltd.'s 12 % stake,
for which it also issued 580,646 shares.
The value of the issued shares is of 54,000 pounds ($67,779),
the company said.
In addition, Egdon has agreed with Total E&P U.K. Ltd., a
subsidiary of Total S.A. (FP.FR), to let Total farm-in at PEDL209
until the end of next year.
Total will spend GBP13.5 million on the license and will earn an
interest of 36%, Egdon said.
Shares at 0805 GMT up 0.75 pence, or 8%, at 10.13 pence valuing
the company at GBP26 million.
-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter
@OlgaCotaga
(END) Dow Jones Newswires
April 04, 2017 04:20 ET (08:20 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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