Friday, Egdon Resources Plc (EDR.L) said it completed the acquisition of YCI Resources Ltd from the Heyco Energy Group.
As announced earlier, the consideration for the transaction is the issue to Heyco International, S.L. of 6.86 million ordinary shares in Egdon. Following acquisition, Heyco will hold 9.1% of the enlarged share capital of Egdon.
Further, the company has granted Heyco a Net Profit Interest on current and future production from licences PEDL069 and PEDL070. The Net Profit Interest, which is connected to oil price, will range between 5% and 10% of Egdon's net revenues realized from these licences after subtracting allowable costs.
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