Egdon Resources plc has increased its interests in two southern UK onshore oil licences after completing its acquisition of Aurora Production (UK) Ltd.
OIL FIELDS
Private company Aurora Production, owned by vendor Aurora Petroleum Ltd, had an 18.75% interest in the Edgon-operated licence PL090 which contains the Waddock Cross oil field in Dorset.
It also held an 8.33% interest in the IGas-operated licence PEDL070 containing the Avington oil field in Hampshire.
Following the acquisition Egdon’s interest in Waddock Cross, currently shut-in, increases to 73.75% and to 56.04% in the remaining parts of PL090 (excluding the Waddock Cross oil field).
Egdon has also increased its holding to 36.33% in Avington which remains shut-in, with work ongoing to redevelop the field during H1 2023.
POTENTIAL
“We are pleased to have completed this acquisition, which builds on our existing interests in the Waddock Cross and Avington oil fields,” said managing director Mark Abbott.
“Both assets have active plans in place to rejuvenate oil production.
“The acquisition therefore adds potential for near-term incremental production, adds to our resource base and delivers substantial tax losses that may be utilised to offset future taxes.”