Egdon Resources exceeds 390,000 barrels of oil from Wressle JV

Reading-based oil and gas firm Egdon Resources reported it is recommending a cash takeover cash offer from Petrichor Partners at 4.5 pence a share. The offer values the company at around £26.6 million and the price represents a

Egdon Resources plc has agreed to be sold for £26.64 million in cash to its majority shareholder Petrichor Partners LP which plans to delist the company. PETRICHOR Petrichor is a wholly owned subsidiary of HEYCO Energy Group Inc.

Egdon Resources, the company behind the UK’s newest onshore oil producer, announced it has agreed to a takeover by Petrichor Partners. The deal values Egdon at £26.6m. At the time of writing, Egdon shares had risen 86.53% to 4.29p. Egdon

Oil futures traded sideways on Tuesday, after mostly weaker-than-expected data from China muddied the outlook for demand from the world’s top crude importer while U.S. plans to refill its Strategic Petroleum Reserve (SPR) underpinned prices. Supply worries stemming

Oil prices ticked up on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government’s plans to refill the nation’s emergency oil reserve and anticipated higher seasonal demand. Brent crude settled 43

Oil prices rose on Thursday but were unable to claw back much of this week’s more than 8% decline as demand concerns in major consuming countries continued to weigh. Brent futures were up 73 cents, or 1.01%, to $73.06

Egdon Resources increased oil production by 27% in the second half of 2022, thanks to the Wressle field in North Lincolnshire. In interim accounts for the six months to 31 January 2023, the company said production rose to 46,465 boe

An opportunity to repurpose petroleum and geothermal exploration wells In the United Kingdom, there is a legacy of abandoned, plugged or declining oil and gas production wells. These wells provide scope for low-cost repurposing for geothermal extraction using the

Since the pandemic lows, crude oil prices have soared, returning to levels not seen in nine years. The United States Oil Fund ETF (USO), a popular proxy for crude oil, has had a breathtaking march higher since reaching panic

The current Wressle well began formal oil production in July 2022, after extended flow tests. Last week, the company said it had reprocessed and reinterpreted 3D seismic data for the Wressle field. Egdon said this work aimed to

Egdon Resources has acquired Aberdeen based onshore oil firm Aurora Production. Despite having no assets in Scotland, Aurora is “is a UK petroleum exploration and development company based in Europe’s energy capital Aberdeen,” according to its website. Aurora’s

As COVID-19 restrictions ease, demand for oil is expected to recover by almost 2 million bpd in 2023, with China’s surging oil consumption accounting for half of the growth. While Chinese demand and Russian supply will determine the

Egdon Resources plc has increased its interests in two southern UK onshore oil licences after completing its acquisition of Aurora Production (UK) Ltd. OIL FIELDS Private company Aurora Production, owned by vendor Aurora Petroleum Ltd, had an 18.75% interest in