Egdon Resources Shares Jump on Shell Agreement

Date : 01/21/2020 @ 1:52PM
Source : Dow Jones News
Stock : Royal Dutch Shell Plc (RDSA)
Quote : 1914.2  -19.2 (-0.99%) @ 4:35PM

Egdon Resources Shares Jump on Shell Agreement

Egdon Resources (LSE:EDR)
Historical Stock Chart

1 Month : From Jan 2020 to Feb 2020

Click Here for more Egdon Resources Charts.

By Adria Calatayud


Shares in Egdon Resources PLC (EDR.LN) rose Tuesday after the company said it has signed a farm-in agreement with Royal Dutch Shell PLC's (RDSB.LN) British subsidiary for two U.K. offshore licenses.

The U.K. oil-and-gas company said Shell will acquire a 70% working interest in licenses P1929 and P2304--which respectively host the Resolution and Endeavour gas discoveries--and be appointed as operator of the assets, while Egdon will retain a 30% interest.

Shares in Egdon at 1313 GMT were up 19% at 6.25 pence.

Shell will pay 85% of costs of the acquisition and processing of a 3D seismic survey covering both the Resolution and Endeavour gas discoveries up to a maximum amount of $5 million, Egdon said. If the costs exceed $5 million, Shell will cover 70% of the costs, Egdon said.

Shell will also pay all studies and manpower costs up to a well-investment decision on the licenses, Egdon said.

In December, Egdon said it had been granted an extension to the licenses to May 31 subject to securing a farm-in agreement by Jan. 31.


Write to Adria Calatayud at


(END) Dow Jones Newswires

January 21, 2020 08:37 ET (13:37 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.