Bow Valley Energy's wholly owned subsidiary Bow Valley Petroleum (UK) Limited has signed a letter of intent with Egdon Resources (U.K.) Limited for the sale of its equity interest in three UK onshore licenses in the Wessex Basin. Bow Valley's current interests in the three licenses are PL090 (41.66%), PEDL048 (45%) and PEDL072 (37.5%). The sale is subject to approval of the UK Department of Trade and Industry and the completion of a sales and purchase agreement. Egdon will also require approval of its shareholders at an upcoming annual general meeting on February 28, 2003.
Bow Valley will re-direct the proceeds of this disposition to its exploration and development program concentrated offshore in the UK North Sea.
Bow Valley Energy Ltd. is an oil and natural gas exploration, development and production company with operations in western Canada and the U.K sector of the North Sea.