EnCore Oil is to sell its onshore assets in the UK and France and its interest in the Ceres gas field to Egdon Resources in a £5m deal ($7.50m).
The sale will take place in return for an approximate 29.9% stake by EnCore in Egdon, agreed with the issue 39.2 million shares.
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Egdon will also pay £100,000 in cash to EnCore for the subsidiary holding the French licences.
Under the contract, EnCore will transfer nine UK and two French onshore licences to Egdon.
EnCore CEO Alan Booth said that EnCore was looking forwards to drilling both the Catcher and Cladhan wells in the coming months.
The firm has also plans to stake a 100% interest in the prospective 130-billion-cubic-foot Esmond gas storage project.
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By GlobalData
