Egdon Resources has agreed the sale of its interests in two non-core licences in Southern England to UK Oil & Gas Investments PLC.

Subject to the normal regulatory approvals, UKOG will acquire Egdon's 7.5% interest in licence P.1916 offshore the Isle of Wight and the Company's 10.0% interest in Weald Basin licence PEDL126 each for a nominal consideration, with the effective date of each transaction being 1 January 2015.

Commenting on these disposals, Mark Abbott, Managing Director of Egdon said,"We are pleased to have completed the disposal of these two minority interest, non-core assets in line with our stated strategy of concentrating our resources on fewer, higher impact projects."

Tags: Egdon Resources Plc