TIDMEDR
RNS Number : 0849W
Egdon Resources PLC
30 July 2018
30 July 2018
EGDON RESOURCES PLC
("Egdon" or "the Company")
Petrichor acquires increased interest in Egdon Resources
Egdon Resources plc (AIM:EDR) notes the following
-- The press release made today by Infinis Energy Services
("Infinis") (100% owner of Alkane Energy Limited ("Alkane")
confirming the completion of its sale to Petrichor Holdings
Coöperatief U.A ("Petrichor") of 35,870,487 Egdon Ordinary Shares
held by Alkane (representing 13.797 per cent. of the issued share
capital of the Company) and the placing by VSA Capital ("VSA") to
an institutional investor of a further 4,129,513 Ordinary Shares
(representing 1.588 per cent of the issued share capital of the
Company);
-- The effective price of the transactions was 12.8 pence per
ordinary share (representing a 22% premium over the Company's
closing mid-price of 10.5 pence per share on 27 July 2018);
-- The TR-1 Notification filed by Infinis confirming it no
longer holds an interest in the Company; and
-- The TR-1 Notification filed by Petrichor confirming it has
acquired further shares in Egdon raising its interest to 29.99 per
cent (77,969,448 Ordinary Shares).
Alkane originally acquired its 40,000,000 Ordinary Shares in
Egdon in exchange for the sale of its shale exploration acreage to
the company which was completed in June 2014. The HEYCO Energy
Group Inc (of which Petrichor is a subsidiary) has held shares in
the Company since 2009.
The issued share capital of Egdon consists of 259,984,822
ordinary shares of 1 pence each with voting rights. No Shares are
held in treasury. Therefore, the total number of voting rights in
the Company is 259,984,822.
Mark Abbott, Managing Director of Egdon Resources plc, said:
"This further investment by Petrichor, an existing long-term and
supportive shareholder in the Company, and at a significant premium
to our current share price, represents a considerable vote of
confidence in Egdon's business model and the potential of our
assets."
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter/Nick Tulloch (Corporate Finance) 020 7894 7000
Caspar Shand Kydd / Alex Pollen (Sales)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
Petrichor is a 100% owned subsidiary of HEYCO Energy Group, Inc.
("HEYCO") a privately-owned exploration and production company,
with offices in Roswell, New Mexico and Dallas, Texas.
The president and CEO of HEYCO is George Yates. The Yates family
of south eastern New Mexico has been active in the oil and gas
industry since the 1920s. In 1924, Martin Yates Jr. drilled the
first commercial oil well in New Mexico, in what would become the
energy-rich Permian Basin. For several decades, HEYCO operated in
the Permian Basin, specifically in the Delaware Basin, with lease
positions in all of the headline horizontal plays.
In early 2015, HEYCO Energy Group's subsidiary, Harvey E. Yates
Company, was acquired by Matador Resources for an equity position
in the company. HEYCO Development Company focuses on non-operated
projects in New Mexico, East Texas, and Wyoming.
Various subsidiaries of HEYCO Energy Group have been involved in
international exploration for more than 20 years, having operated
exploration projects in England, Spain, and Morocco. The company
currently holds non-operated interests in England, Spain and
France.
HEYCO has been a long-term shareholder in Egdon. HEYCO was part
of the group that discovered the Avington field in southern England
in 2007 with Egdon acquiring HEYCO's interest in the field for
shares in 2009.
Egdon Resources plc (LSE: EDR) is an established UK-based
exploration and production company focused on onshore exploration
and production in the hydrocarbon-producing basins of the UK.
Egdon holds interests in 44 licences in the UK and has an active
programme of exploration, appraisal and development within its
portfolio of oil and gas assets. Egdon is an approved operator in
the UK.
Egdon was formed in 1997 and listed on AIM in December 2004.
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, the information contained in this announcement has
been reviewed and approved for release by the Managing Director of
Egdon Resources plc Mark Abbott, a Geoscientist with over 30 years'
experience.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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