Egdon Resources has sold a 20% interest in the recently-acquired producing Fiskerton Airfield oil field in Lincolnshireto Union Jack Oil for around £137,000. In addition, Union Jack will wholly fund re-processing of the 3D seismic dataset at a gross cost of £35,000. Egdon said the combined consideration and carry was equivalent to approximately £165,000. Egdon said the effective date of the agreement was 3 Nov and Union Jack would receive 20% of all production revenues from Fiskerton from that date. Completion of the acquisition is subject to Oil and Gas Authority approval. Following completion, Egdon will hold an 80% interest.
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