Egdon Resources signed an option agreement for the onshore production licence PL081, which includes the Weaverthorpe gas prospect.
Under the agreement with York Energy (UK) Holdings Limited, Egdon has six months to elect to farm into the licence.
During the option period, Egdon said it had committed to additional technical and operational work, including reprocessing 2D seismic data.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.