The completion follows the receipt of non-opposition to the proposed transfer of the ownership of EnCore (E&P) to Egdon by the French authorities.
EnCore (E&P) has a 50% non-operated interest in the Mairy permit which is located in the Eastern Paris Basin, and the interest was increased from 30% to 50% following the withdrawal of Lundin from the permit early in 2010.
In addition to conventional Rhaetic oil potential, the permit has also been identified as having shale-oil potential similar to the highly productive Bakken Shale of the US Williston Basin.
The permit is operated by Toreador Energy France which concluded a ‘Paris Basin shale-oil partnership’ agreement with Hess in May 2010 that includes the Mairy permit.
The operated Nimes permit in the South East Basin of France is owned 100% and is located in an under-explored part of France where there has been a recent resurgence of interest, largely focused on the regions shale-gas potential.
Egdon managing director Mark Abbott said that France remains a key focus for Egdon and the addition of the Mairy and Nimes permits to the company’s portfolio provides further opportunities for conventional and unconventional oil and gas within the country.
"We expect a well to be drilled in Mairy during 2011 and will be progressing our evaluation of Nimes over the coming months," Abbott said.
