Under the transaction, Egdon Resources Avington has sold a five percent stake to IS E&P and a five percent stake to IS NV.
Each company paid the consideration of GBP200,000 in cash and the assumption of their pro-rata shares of a net profit interest payable to Heyco Energy.
The Avington oil field is located in the County of Hampshire and is operated by Star Energy Oil UK.
Oil is currently produced from the Jurassic age Great Oolite reservoir from two wells, Avington-2Z and Avington-3Z.
Egdon retains an aggregate 26.67% stake in the license and the Avington oil field.
