Egdon Resources plc (EDR.L) announced Friday that it has reached agreement with Celtique Energie Petroleum Ltd. to acquire an additional 40 percent interest in Lincolnshire Licence PEDL241 for a nominal consideration.
Under the terms of the agreement, Egdon will increase its interest in the licence to 80 percent from 40 percent. The company noted that PEDL241 contains the North Kelsey Prospect which is located approximately 10 kilometres to the south of the Wressle-1 discovery well in PEDL180.
The prospect is defined on 3D seismic data and has potential for up to four stacked conventional reservoir intervals in the Chatsworth, Beacon Hill, Raventhorpe and Santon sandstones. The estimate of gross mean combined Prospective Resources for these multiple objectives, as calculated by Egdon is 6.7 million barrels of oil. Planning Consent was received for the North Kelsey-1 well in December 2014.
The company said the timing of well operations is restricted by planning conditions and as such it is now anticipated that they will commence during first quarter, 2016.
The transfer of interest is subject to approval by the Oil and Gas Authority.
In London, Egdon shares were gaining 3.43 percent to trade at 11.38 pence.
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