Egdon Resources plc will become operator of the onshore Weaverthorpe gas prospect after exercising a farm-in option and signing a further agreement for the North Yorkshire project.
The company has farmed-in on licence PL081 with York Energy (UK) Holdings Ltd and both companies have agreed for 100% of neighbouring PEDL347, also holding the prospect, with licensee Cuadrilla North Cleveland Ltd.
The result is a farm-in and “equalisation of interests of the two licences”, said Egdon.
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.