Edgon Enters Conditional Agreement for Alkane’s Shale Gas Assets in UK

Egdon Resources confirmed its interest to acquire Alkane Energy’s onshore shale gas assets.

‘Egdon has entered into a conditional sale and purchase agreement to acquire shale gas interests in certain UK petroleum exploration and development licences from Alkane Energy plc. Under the terms of the sale and purchase agreement, in exchange for the acquisition of the Licence Interests, the Company will issue 40,000,000 new Ordinary Shares of 1 pence each to Alkane Energy plc,’ reads the note released on Tuesday. 

The company intends to fund the investment issuing 32,000,000 Ordinary Shares at an Issue Price of 20 pence per share. 

On June 5, the company will hold a general meeting with its shareholders in London.