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Mining Capital

VSA Capital Market Movers - Egdon Resources Plc

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Egdon Resources (LON:EDR)

Egdon Resources (EDR)# has acquired a 50% interest in PEDL278 in its core area of the East Midlands from Celtique Energie Petroleum and Investcan who were originally awarded the licence in the 14th licencing round. The licence contains the Kirk Smeaton tight gas discovery and further conventional and unconventional prospectivity.

IGas (IGAS) is acquiring the other 50% and will act as operator. Therefore, this acquisition adds 4,695 net acres to EDR’s unconventional resources position, which now totals c205,800 acres. The acquisition was completed for a nominal cash consideration.

This acquisition is in-keeping with EDR’s strategy within its core area. We now await further update on the development and exploration programme on this licence from EDR and IGAS.

We maintain our BUY recommendation and 34p TP.


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