Egdon Resources plc, the exploration and production company focused on the onshore UK and mainland Europe, announced the commencement of dealing in its shares on AIM following completion of the demerger of Egdon Resources plc and Portland Gas plc, which is also admitted to trading on AIM.
Seymour Pierce Limited is the Nominated Adviser and Broker.
Egdon Resources plc will remain focused on oil and gas exploration and production in the UK and mainland Europe. It has a portfolio of over 20 licences all in areas of proven oil and gas production. Egdon's licences are located in the Wessex and Weald basins of Southern England, the Midlands Petroleum Province and the Cleveland Basin of Northern England, on the UKCS and in the Aquitaine Basin of South West France.
Egdon currently has operated production from the Keddington oil field and test production from the Avington oil discovery. It has a programme of field appraisal and developments planned for 2008 and 2009, starting with a well on the Grenade Heavy Oil accumulation in SW France as announced on 14 January 2008. Further activity is planned during 2008 at the Kirkleatham gas discovery, the Eakring- Dukes Wood oil field and the Waddock Cross oil discovery.
Egdon also has a portfolio of oil and gas exploration assets ranging from smaller exploration prospects such as those in the East Midlands to high potential oil and gas prospects in Southern England, and multi-TCF gas prospects in SW France.
The Egdon team will be led by Mark Abbott as Managing Director, with the remaining Board members being Philip Stephens (Non-Executive Chairman), Walter Roberts (Company Secretary and Non-Executive Director), Andrew Hindle (Non-Executive Director), Kenneth Ratcliff (Non-Executive Director), and John Rix (Non Executive Director).
Upon admission there will be 67,801,840 ordinary shares in issue.
Commenting on the listing on AIM, Mark Abbott, Managing Director of Egdon said, "Egdon's ongoing strategy is to add material shareholder value via drill bit success across its portfolio. The Company has an excellent portfolio of interests, and we have commenced 2008 with a highly prospective drilling campaign in France.
We look forward to further progress over the coming months."
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