Egdon Finalizes Sale of Avington Stake


Avington Oil Field
(Click to Enlarge)

Egdon reported the completion of the sale of a 10% interest in the Avington oil field under license PEDL070, for a consideration of £400,000 in cash.

Under the transaction, Egdon Resources Avington Limited ("ERA") has sold a 5% interest to IS E&P Limited and a 5% interest to IS NV Limited. The consideration paid by each company was £200,000 in cash and the assumption of their pro-rata shares of a Net Profit Interest ("NPI") payable to Heyco Energy Holdings S.L.

The Avington oil field is located in the County of Hampshire and is operated by Star Energy Oil UK Limited. Oil is currently produced from the Jurassic age Great Oolite reservoir from two wells, Avington-2Z and Avington-3Z.

Egdon retains an aggregate 26.67% interest in the license and the Avington oil field.

The proceeds of the sale will be utilized on Egdon's active UK and French exploration, appraisal and development program where the Company believes it can generate a better return on investment.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Manager, USA
Expertise: Project Management
Location: United States
 
Financial Analyst - Finance and Investor Relations
Expertise: Accounting|Financial Analyst|Legal
Location: Dallas, TX
 
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
 
search for more jobs

Brent Crude Oil : $50.8/BBL 0.47%
Light Crude Oil : $47.97/BBL 0.56%
Natural Gas : $3.08/MMBtu 0.98%
Updated in last 24 hours