10th Jun 2014 16:57
LONDON (Alliance News) - Egdon Resources Tuesday said it has obtained consent from the UK Department of Energy and Climate Change for the transfer of shale gas exploration licences from Alkane Energy PLC.
Egdon did a deal in May to buy interests in 10 UK shale exploration and development licences from Alkane in return for 40 million Egdon shares, but needed the UK government to approve the transfer of the licenses.
"We are delighted to have obtained consent from DECC enabling the transfer of licences in Alkane's shale-gas interests," Managing Director Mark Abbott said in a statement. "Following this transfer, Egdon's prospective acreage in UK shale-gas will nearly double to 140,176 acres, creating a significant new UK shale-gas player."
Egdon Resources shares closed up 0.4% at 29.62 pence, while Alkane Energy shares closed up 1.1% at 44.23 pence Tuesday.
By Anthony Tshibangu; [email protected];
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