News

November 05, 2009

Egdon Resources Announces A New Farm Out Deal To Raise Capital For Its Onshore UK Drilling Programme

For those not familiar with the story, Egdon Resources started life as a small E & P company which, as luck would have it, got into gas storage at a time when it seemed like a very good idea. Gas storage probably still is a good idea but because of the difficulties of raising the vast sums of finance necessary, perhaps not quite as brilliant as it was.

Any road, Portland Gas, the storage business, was spun off as a separate entity on London’s AIM early in 2008 when it was still a very good idea as opposed to a good idea (and the share price of Egdon Resources had seen a dizzying rise). Egdon Resources, also quoted on AIM, became once again a small oil and gas E & P.

Egdon concentrates on largely onshore, smallish to medium sized holdings in the UK and continental Europe. Since few of the licences or assets are likely to hold real...