The company will acquire a 50% interest in each of the licenses, PEDL180 and PEDL181, located in the East Midlands Petroleum Province in Lincolnshire County.
The licenses were awarded in the 13th UK Landward Licensing Round in 2008 and are located adjacent to Egdon operated licences PEDL182 and PEDL241.
The consideration for the acquisition will be the grant to Valhalla of a net profit interest (NPI) of 10% of the acquired interest in each of the licenses.
Egdon managing director Mark Abbott said that the acquisition of these licenses provides Egdon with access to further high potential acreage in one of the company’s core exploration areas and reinforces its UK onshore growth strategy.
