Onshore oil and gas explorer and producer Egdon Resources is faming-out a 12.5% interest in onshore licence area PEDL201 in the East Midlands to Terrain Energy and Corfe Energy.
Terrain and Corfe will each earn a 6.25% stake by each paying a combined 25% of the cost of the Burton on the Wolds-1 exploration well. Egdon will retain a 37.5% interest in the licence area.
The well will have a depth of 1,000 metres. It should be drilled before the end of 2012 as long as planning permission is gained.
EnCore Oil has assigned a 7.5% interest in part blocks 98/13 and 98/14 to Egdon. They are offshore of the Isle of Wight and in the same petroleum basin as Wytch Farm.
Seismic surveys have been completed for the Broughton and Wressle prospects in North Lincolnshire. Egdon has 33.33% of these licences. One or two prospects will be drilled later this year.
At 12.75p a share, Egdon is valued at £16.7m.
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