Egdon Completes PEDL005(R) Farm-Outs

Egdon Resources announced Monday that it has completed two separate farm-out agreements for License PEDL005(R), located in Lincolnshire, UK.

Under the farm-out terms to Terrain Energy Limited, Terrain gained an additional 20 percent interest in the Keddington oil field in return for paying 40 percent of the cost of a new appraisal well, which is expected to be drilled in the fourth quarter of 2015 as a side-track to the Keddington-4 well. As part of the agreement with Union Jack Oil plc, Union earned a ten percent interest in License PEDL005(R) in return for paying 20 percent of the cost of the Keddinton-4 side-track well and 20 percent of the cost of an exploration well on the Louth prospect.

Following the completion of the transaction Terrain Energy holds a 35 percent interest in the Keddington Field, Union Jack Oil and Nautical Petroleum Limited each hold a ten percent interest and Egdon is the operator with a 45 percent interest. With regards to the PEDL005(R) license, excluding Keddington, Terrain holds a 15 percent interest, Nautical and Union Jack each hold a ten percent interest and Egdon is the operator with a 65 percent interest.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Genel can 'Plan with Confidence' in 20... (Jan 24)
 -  Savannah: Niger R3 License Area 3D Sei... (Jan 24)
 -  BridgeTex to Boost Capacity of Permian... (Jan 24)
 -  Republicans Laud Trump's Pipeline Revi... (Jan 24)
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Drill Bit Repair Technician - Houston, TX
Expertise: Rig Mechanic
Location: Houston, TX
 
Project Director, US Government Construction
Expertise: Construction Manager|Project Management
Location: Philadelphia, PA
 
Pilot - Aviation
Expertise: Business Development|Helicopter Pilot / Operations
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.44/BBL 0.38%
Light Crude Oil : $53.18/BBL 0.81%
Natural Gas : $3.28/MMBtu 1.23%
Updated in last 24 hours