OilVoice - Egdon Completes Sale of Licence Interests to Terrain Energy

Egdon Completes Sale of Licence Interests to Terrain Energy

Friday, December 11, 2009

The Directors' of AIM listed Egdon Resources plc announce that completion of the sale of interests in four onshore UK licences to Terrain Energy Limited ('Terrain') took place on 8 December 2009.

The interests acquired by Terrain are all located in the East Midlands and comprise a 15% interest in PEDL005 (Remainder), and 25% interests in PEDL203, PEDL118 and PEDL206 respectively. Egdon retains a 75% operated interest in all of these licences.

The total value of the transaction to Egdon will be £687,500, £450,000 of which has been received with a further £237,500 payable on a staged basis on commencement of specific drilling activity on licences PEDL005 (Remainder), PEDL118 and PEDL203.

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