Egdon Resources has completed the acquisition of the entire issued share capital of Yorkshire Exploration Limited (YEL). YEL is a private company, which holds an 8% interest in Petroleum Exploration and Production Licence PEDL068 in North Yorkshire and Cleveland in the Cleveland Basin. Egdon is operator of PEDL068 with a 40% interest.
As consideration for the acquisition, Egdon has today issued 546,448 Ordinary Shares ("the Consideration Shares") to the previous shareholders of YEL which include Mr. John Rix who was a non-executive Director of Egdon until his retirement from the Board in late 2011. The issued shares represent 0.25 per cent. of the enlarged share capital of the Company.
Application has been made for admission of the Consideration Shares to trading on AIM, which is expected to become effective on 8 December 2014. The total number of Egdon Ordinary Shares in issue is now 221,345,811. Therefore, the total number of voting rights in the Company is 221,345,811.