Egdon Resources has acquired P2304 from previous licensees Arenite Petroleum (50% + Admin) and Europa Oil & Gas (50%). OGA confirmed approval on 24 July 2018 after the deal was first announced on 4 December 2017. Egdon has paid an initial cash sum of PS15,000 (US$ 20,249) to Europa and Arenite, as reimbursement for the 2017 licence fee, OGA Levy and legal costs. Egdon will make further staged contingent payments totaling GBPS1.45 million (US$ 1.96 million) in cash, subject to completion of potential exploration activities, or on reaching specific production milestones. The licence covers Southern North Sea block 41/24 (163 sq km), located immediately offshore from Scarborough in North Yorkshire. It contains the Maxwell gas discovery made in fractured Permian Zechstein Plattendolomit by 41/24a-1 (1969, CFP, 1,816m), which tested 3 MMcfg/d, whilst a later appraisal well 41/24-3 (1993, Conoco) tested at rates of up to 1,280 bc/d and 34 MMcfg/d from the Plattendolomit, and also encountered a 19.2m gas column in Triassic Bunter sands. P2304 was awarded to Arenite and Europa in the 28th Round, with the four year initial term commencing on 1 December 2015, and under Promote terms for the first two years subsequently extended by a further year. It has a firm commitment to reprocess 200 km of 2D seismic data, and an option of one well to the shallower of 1,980m or 30m into pre-Carboniferous strata, with the drill-or-drop decision expected by November 2018. Adjacent to the N is P1929 (Egdon 100% + Op) covering blocks 41/18 & 19 and containing the Resolution gas discovery in Zechstein Hauptdolomit made by 41/18-1 (1966, CFP, 2,067m), which Egdon has mapped as extending into P2304, with mean prospective resources of 337 Bcfg. Egdon Resources UK Ltd is now sole P2304 licensee.
Egdon Resources has acquired P2304 from previous licensees Arenite Petroleum (50% + Admin) and Europa Oil & Gas (50%). OGA confirmed approval on 24 July 2018 after the deal was first announced on 4 December 2017