Egdon ups stake in Widmerpool oil field

Egdon Resources has bought more shares in PEDL201 – the Nottinghamshire onshore oil exploration site.

Egdon will acquire a 12.5% interest in PEDL201 in the Widmerpool Gulf from Corfe Energy for £50,000.

The deal means Egdon will have a 45% interest in PEDL201. The licence is considered by Egdon to hold “significant prospectivity” for both “conventional and unconventional resources”. The transaction is subject to Oil and Gas Authority approval.

Mark Abbott, managing director of Egdon Resources, said: “We are pleased to increase our operated interest in PEDL201 in the Widmerpool Gulf.

“This acquisition is consistent with our strategy of enhancing our position in our core areas where we see significant oil and gas potential.”