Egdon Resources - Underwritten open offer announced
Egdon has announced a proposed underwritten open offer of c 43.3m shares (representing 14.29% of the enlarged share capital) at 5p/share to raise £2.17m before expenses. Under the open offer, qualifying shareholders have an opportunity to subscribe to one open offer share for every six existing ordinary shares held at market close on 14 May 2019. Net proceeds will be used to progress Egdon’s Gainsborough Trough shale-gas assets and the Resolution gas discovery (the focus of our last note), and for general working capital purposes. Egdon’s key operational focus is on finalising IGas-operated Springs Road-1 core and log analysis in Q219 and seeking an industry partner to fund the planned 3D seismic and appraisal drilling of the Resolution gas discovery.Egdon Resources is an onshore U.K. focused oil and gas exploration and production business. As of Jul 31 2017, Co. had net proven plus probable oil reserves of 0.6 million barrels and net proven plus probable gas reserves of 1.18 billion cubic feet.
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