Egdon reported the completion of the acquisition of EnCore (E&P) Limited, the holder of two license interests in France - Mairy and Nimes - from EnCore Oil. The consideration was £100,000 in cash.
The completion follows the receipt of non-opposition to the proposed transfer of the ownership of EnCore (E&P) Limited to Egdon by the French authorities.
EnCore (E&P) Limited has a 50% non-operated interest in the Mairy Permit which is located in the Eastern Paris Basin. The interest was increased from 30% to 50% following the withdrawal of Lundin from the permit early in 2010. In addition to conventional Rhaetic oil potential, the permit has also been identified as having shale-oil potential similar to the highly productive Bakken Shale of the US Williston Basin. The permit is operated by Toreador Energy France who concluded a "Paris Basin shale-oil partnership" agreement with Hess in May of 2010 which includes the Mairy Permit.
The operated Nimes Permit in the South East Basin of France is owned 100% and is located in an under-explored part of France where there has been a recent resurgence of interest, largely focused on the regions shale-gas potential.
Commenting on completion of the acquisition, Mark Abbott, Managing Director of Egdon said, "France remains a key focus for Egdon and the addition of the Mairy and Nimes permits to our portfolio provides further opportunities for conventional and unconventional oil and gas within the country. We expect a well to be drilled in Mairy during 2011 and will be progressing our evaluation of Nimes over the coming months."
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