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!


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)

Most Popular Articles

From the Career Center
Jobs that may interest you
Expertise: Motorman
Location: Anchorage, AK
Expertise: Floorhand / Roughneck
Location: Anchorage, AK
Business Development Specialist
Expertise: Business Development|Sales
Location: Midland, TX
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours