Egdon takes over YCI Resources

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. 

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.”

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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