The company said that the consideration for the acquisition is the grant to Valhalla of a net profit interest (NPI) of 10% of the assigned 50% interest in each of the licenses.
PEDL’s 180 and 181 are located in the county of Lincolnshire, which are operated by Europa Oil and Gas.
The licenses are lies adjacent to Egdon’s operated licenses PEDL182 and PEDL241 where the company holds a 50% interest.
PEDL180 contains the Wressle prospect, which extends into PEDL182, where the Broughton oil discovery is located.
This oil prone trend of structures is bounded to the north-west by the Crosby Warren producing oil field and the Brigg oil discovery to the south-east.
