Egdon Resources Plc, a UK-based exploration and production company, has acquired YCI Resources (YCIR) from the Heyco Energy Group in an all-share deal. 

Egdon Resources Plc, a UK-based exploration and production company, has acquired YCI Resources (YCIR) from the Heyco Energy Group in an all-share deal.

YCIR is a UK company whose principal asset is a 16.6 per cent interest in PEDL070, which contains the Avington oil field in the Weald Basin of southern England.

Mark Abbott, managing director of Egdon, said: “The acquisition of YCIR increases our interest in the Avington oil field to a more material level of 36.6 per cent and will provide an important additional source of revenue and enable us to make further progress towards our near-term production targets.”

Egdon reported net losses from operations of some £2.3 million in the year ended 31 July 2008.

Philip Stephens, Egdon chairman, said: “Following the demerger of Portland Gas in January 2008, Egdon has returned to being a focused onshore European exploration and production company. We are pleased to be able to report revenues from sales of oil in the year of over £1.1 million and that the group has sufficient cash resources for our current drilling and development plans.”