Egdon has announced that it has completed the acquisition of the entire share capital of YCI Resources (YCIR) from Heyco Energy.

In a statement, Egdon confirmed that is considering an extension of the Avington oil field, which YCIR has a 16.667 percent interest in.

The license covers the Weald Basin in southern England and is YCIR's principal asset, although it also has interests in an adjacent license.

Commenting, Mark Abbott, managing director of Egdon, said: "The acquisition of YCIR increases our interest in the Avington oil field to a more material level of 36.667 percent and will provide an important additional source of revenue."

He added that the takeover will also help the company reach its near-term production targets.

Earlier this month, the company confirmed that it completed the sale of a ten percent beneficial interest in a license covering the Keddington field to Alba Resources for a consideration of £260,000 ($369,600).


© Adfero Ltd

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