UK independent Egdon Resources is farming out on a trio of licences in the UK to compatriot operators.
Egdon is reducing its holding in the petroleum exploration and production licences 180 and 182 in the East Midlands from 50% to 33.33% with Europa Oil & Gas and Celtique Energie Petroleum to also retain a third each.
“The transaction provides alignment for the planned exploration programme for this area, which contains a trend of oil prone structures including the Broughton oil discovery and Wressle Prospect, which spans the two licences,” a statement from Edgon read today.
“A joint 3D seismic survey is planned for later in 2011 to firm up drilling locations for the licences. It is hoped to drill during 2012 as part of a planned multi-well drilling programme in the East Midlands.”
Simultaneously Egdon has agreed to hand half of its 50% share in licence 181 to Celtique. Europa will retains its 50% share and stay on as operator with Egdon becoming operator of the 180 and 182 licences.
