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Egdon Resources sells 20% stake in Fiskerton oil field to Union Jack

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Staff Writer | November 6, 2017
Egdon Resources
Oil exploration   Edgon in July acquired a 100% stake

Egdon Resources said it has sold a 20% stake in Fiskerton Airfield oil field in Lincolnshire licence EXL294 to Union Jack Oil for a total consideration of up to GBP172,000.

The consideration includes a cash payment of around GBP137,000. Union Jack also will fund re-processing of the 3D seismic dataset at a gross cost of GBP35,000.

Completion of the deal is subject to UK Oil & Gas Authority approval. Following completion of the transaction, Egdon Resources will own an 80% stake and Union Jack will own 20% interest in EXL294 licence.

Edgon in July acquired a 100% stake and operatorship of the Fiskerton Airfield oil field from Cirque Energy (UK) Ltd for USD750,000.


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