Angus will acquire a 50% stake in the licence in return for carrying Egdon for 15% of the costs of two wells or 25% of the cost of a single well.
The wells will be drilled during the initial term of the licence, which ends on 30 June 2014.
Angus will also assume operatorship of the licence, and upon completion of the transaction, Egdon will retain a 25% interest in the licence.
The assignment and change of operatorship are subject to approval from the UK Department of Energy and Climate Change.
Egdon managing director Mark Abbott said this transaction enables Egdon to maintain an interest in the area whilst limiting the required financial and management resources.
"This farm-out is an example of our stated strategy of concentrating our resources on fewer higher potential projects as the company develops," Abbott said.
