Egdon Increases Stake in PEDL201
Egdon Resources plc announced Wednesday that it will acquire an additional 12.5 percent interest in PEDL201, in the Widmerpool Gulf onshore UK, from Corfe Energy limited for an all share consideration of $62,000.
Following the completion of the deal, Egdon will have a 45 percent operated interest in PEDL201, which will add a total of 2,471 net acres to the company’s license holdings. The license is considered by Egdon to hold significant prospectivity for both conventional and unconventional resources.
“We are pleased to increase our operated interest in PEDL201 in the Widmerpool Gulf. This acquisition is consistent with our strategy of enhancing our position in our core areas where we see significant oil and gas potential,” Mark Abbott, managing director of Egdon Resources plc, said.
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