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Egdon Resources raises £3mln ahead of drill programme

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Onshore UK oil and gas firm Egdon Resources (LON:EDR) has raised £3mln ahead of drilling work getting underway in the East Midlands.

It is issuing 12mln new shares, priced at 25p each, and these new shares represent around 8.29% of the group’s enlarged share capital.

The company has been in the spotlight in recent weeks due to high profile deals with French major Total, which has acquired interests in the group’s shale projects.

Upcoming drilling will be focussed on conventional oil targets, however, with wells on the Burton on the Wolds and Wressle prospects in the initial programmes.

Egdon shares trebled in valued in recent weeks, thanks to the shale interest, rising from below 9p per share at the end of December.

Quick facts: Egdon Resources Plc

Price: 3.9 GBX

AIM:EDR
Market: AIM
Market Cap: £11.83 m
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