VSA Morning Flow Test, 20/08/19
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Egdon Resources (LON:EDR)
Egdon Resources (LON:EDR) has announced a two-year extension of PEDL143 in the Weald Basin where EDR has an 18.4% interest.
UK Oil & Gas PLC (LON:UKOG), the operator, announced that the Oil and Gas Authority has granted a two-year extension to the initial term of the PEDL143 (UKOG 67.5%, northern Weald, "A24" prospect) licence. The initial term will now end on 30 September 2022.
PEDL143 is located to the west of UKOG’s Horse Hill licences and contains the significant "A24" Portland and Kimmeridge oil prospect. Multiple potential drilling sites outside the nearby Area of Outstanding Natural Beauty are under evaluation and a drilling program will commence is due course, subject to the granting of the necessary regulatory approvals.
We reiterate our Buy recommendation and 39p target price.
Oliver O'Donnell, CFA, Natural Resources & China | T: +44 (0)20 3617 5180 | E: [email protected]
Samuel Green, Equity Analyst | T: +44 (0)20 3005 5010 | E: [email protected]
#Indicates VSA house stock.
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