Egdon Resources has agreed to farm-out interests in the Biscathorpe prospect in Lincolnshire to Union Jack Oil and Humber Oil & Gas Limited.
Egdon Resources has cleared a major obstacle for its proposed Wressle field development in northern England.
The partners of an onshore oil and gas discovery located in the "heart of the East Midlands petroleum province" have vowed to fight North Lincolnshire Council's refusal to grant planning permission.
Egdon Resources (LON: EDR) has snapped up an extra 20% of an onshore licence in north Yorkshire from DESS Energy.
Egdon Resources is to press ahead with its plans for the Wressle oil and gas discovery located to the east of Scunthorpe in Lincolnshire, England .
Union Jack Oil has reached an agreement with Egdon Resources to acquire a 10% interest in a licence which incorporates the Keddington oilfield in Lincolnshire. The onshore oil and gas exploration company now has a stake in licence PEDL005 which also incorporates the Louth prospect and the North Somercotes prospect. Union Jack will not have to pay any cash up-front but under the terms of the agreement will pay 20% of the costs of the proposed new Keddington appraisal well scheduled to be drilled later in the year.
Egdon Resources has received planning consent from Lincolnshire County Council for drilling and testing of the North Kelsey-1 exploration well. The project is located 10 kilometres to the South of the Wressle-1 discovery well in PEDL180. The company said the prospect is defined on 3D seismic data and has the potential for up to four stacked reservoir intervals in the Chatsworth, Beacon Hill, Ravensthorpe and Santon sandstones.