Egdon Resources report the farm-out of a further 5% interest in Petroleum Exploration and Development Licence 201 (PEDL201) located in Nottinghamshire and Leicestershire to Union Jack Oil plc (Union Jack).

Under the terms of the agreement, Union Jack will pay 10% of the cost of the planned Burton on the Wolds-1 exploration well to earn a 5% interest from Egdon. As a result Egdon's exposure to the well is reduced to 15% of costs. Union Jack has also agreed the same terms with Celtique Energie Petroleum Ltd (Celtique) to result in a 10% total licence interest.

Tags: Egdon Resources Plc