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Share Name Share Symbol Market Type Share ISIN Share Description
Royal Dutch Shell Plc LSE:RDSA London Ordinary Share GB00B03MLX29 'A' ORD EUR0.07
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -11.60 -0.89% 1,292.60 1,293.00 1,293.60 1,316.40 1,259.00 1,283.40 5,732,473 16:29:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 260,049.0 19,217.3 148.5 8.0 53,013

Egdon Resources Shares Jump on Shell Agreement

21/01/2020 1:52pm

Dow Jones News


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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 adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

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

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

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