17th Dec 2015 18:29
LONDON (Alliance News) - Egdon Resources PLC on Thursday said Mark Abbott, managing director, purchased 150,000 shares in the company at a price of 9.875 pence each via his self invested personal pension.
Abbott's total beneficial shareholding in the company is now 7.8 million shares, representing 3.53% of the company.
His purchase comes after Egdon on Thursday said it was offered a total of nine licences in the UK's 14th onshore licensing round, covering a total area of around 1,128 square kilometres, or 278,220 acres, in the East Midlands and over the Cleveland basin.
Egdon will hold a 15% stake in two blocks over the Gainsborough Trough, a 37.5% stake over two blocks over the Humber basin, a 75% stake in one other block over the Humber, a 33.3% stake in three blocks over the Cleveland basin, a 17.5% stake over two more blocks over Cleveland and will also wholly own one other block over Humber.
Union Jack Oil said that Egdon will transfer a 10% interest in one block located in the Humber Basin, under an agreement that it would receive a 10% interest in any new licence block awarded to a joint venture group it holds with Egdon, Terrain Energy Ltd and Nautical Petroleum Ltd.
Shares in Egdon closed up 15% at 9.45 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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