Egdon sells 20% interest in Fiskerton Airfield oil field
Source - SMW
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.