Egdon Resources has agreed terms with Blackland Park Exploration Limited (Blackland Park) and Stelinmatvic Industries Limited (Stelinmatvic) for a farm-in to UK Onshore Petroleum Exploration and Development Licence PEDL209 (the Licence) located in Lincolnshire. Under the terms of the Farm-in Agreement Egdon will earn a 60% interest in the Licence in return for paying 100% of the cost of the planned Laughton-1 exploration well to the point of completion of the well for testing or, in the case that the well is a dry hole, abandonment and restoration of the site. Egdon will also assume operatorship of PEDL209.

The Licence Interests in PEDL209 at completion will be;

Egdon Resources U.K. Limited (Operator) - 60%

Blackland Park Exploration Limited - 28%

Stelinmatvic Industries Limited - 12%

The transfer of interests and operatorship is subject to approval by the Department of Energy and Climate Change.

Tags: Egdon Resources Plc