5th Jun 2015 06:52
LONDON (Alliance News) - Egdon Resources PLC and Union Jack Oil PLC on Friday both said they have struck deals with Celtique Energie Petroleum Ltd to increase their stakes in the PEDL241 licence in Lincolnshire.
Egdon has acquired a further 40% stake in the licence for a nominal consideration, increasing its total stake to 80%. Union Jack also has doubled its stake in the licence, acquiring a further 10% to bring its total interest to 20%, also for a nominal fee.
PEDL241 contains the North Kelsey Prospect which is located approximately 10 kilometres to the south of the Wressle-1 discovery well in PEDL180. The estimate of gross mean combined prospective resources for the project, estimated by operator Egdon, is 6.7 million barrels of oil.
By Sam Unsted; [email protected]; @SamUAtAlliance
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