UK focused exploration and production company EnCore Oil has completed the transfer of the group's onshore UK assets together with its interest in the offshore UK Ceres gas field to Egdon Resources in return for a consideration of 39.2 million ordinary shares in Egdon.
The transfer of EnCore's onshore France assets to Egdon, for which sale and purchase agreements have been signed, will complete later in the year upon gaining French regulatory consent, at which time Egdon will pay EnCore GBP100,000 in cash.
The 39.2 million Egdon consideration shares have been allotted to EnCore, representing 29.998 per cent of the enlarged share capital of Egdon, and will be admitted to AIM on July 29, 2010.
Alan Booth, CEO of EnCore, said: "The transaction with Egdon has placed a tangible and transparent valuation on our onshore portfolio and I look forward to working with the Egdon Board to assist in the development of Egdon's portfolio. As the largest shareholder, EnCore will actively support and assist in Egdon's ambitious growth plans."
