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Egdon puts foot on the gas with Shell North Sea deal

Egdon puts foot on the gas with Shell North Sea deal

An energy industry minnow has completed a deal with one of the biggest players in the North Sea to appraise gas prospects off the coast of North Yorkshire.

Shares in Egdon Resources rose by 7.1 per cent to 2¼p yesterday after it confirmed the transaction with Royal Dutch Shell, which was first agreed in January before the global collapse in oil and gas prices. Over the past two years the shares have fallen by 73.5 per cent.

Egdon has the rights to appraise two licence areas in the southern North Sea just off the coast of Scarborough, where gas was discovered decades ago but was left undeveloped because it was not thought to be commercially viable.

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