Egdon Resources has completed the sale of interests in four onshore UK licenses to Terrain Energy Limited, the sale of which took place on December 8, 2009.
The interests acquired by Terrain are all located in the East Midlands and comprise a 15% interest in PEDL005 (Remainder), and 25% interests in PEDL203, PEDL118 and PEDL206 respectively. Egdon retains a 75% operated interest in all of these licenses.
The total value of the transaction to Egdon will be £687,500, £450,000 of which has been received with a further £237,500 payable on a staged basis on commencement of specific drilling activity on licenses PEDL005(Remainder), PEDL118 and PEDL203.
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