Egdon Resources - Farm-out update and government moratorium

Egdon has announced it has signed an exclusivity agreement with a large internationally recognised E&P company for UK offshore licences P1929 and P2304. The licences sit in the Southern North Sea and contain the Resolution and Endeavour gas discoveries. Resolution has been independently assessed by Schlumberger to hold mean contingent gas resources of 231bcf. Egdon has also responded to the government announcement that it will introduce a temporary moratorium on hydraulic fracturing for shale gas. The company’s unconventional acreage holds the Springs Road-1 well, which contains 640bcf of gas per square mile.