StockMarketWire.com - Egdon Resources' [LON:EDR] shares were down in late trading after it agreed a farm-out of an interest in PEDL182 to Union Jack Oil.

Licence PEDL182 is located in Lincolnshire to the immediate north of PEDL180.

In May 2013, Union Jack farmed into the Wressle-1 exploration well and earned an 8.33% interest in PEDL180 and that part of the Wressle-1 discovery determined to extend into PEDL182.Under the terms of this new farm-out, Union Jack will earn an 8.33% interest in the remainder of PEDL182 beyond Wressle in return for paying 12.495% of the cost of a future exploration well to evaluate the Broughton North prospect together with associated back costs of £64,000.

Upon completion and subject to approval from the Oil and Gas Authority, the interests held in each of PEDL180 and PEDL182 will be aligned and will be:

- Egdon Resources U.K - 25.00% (operator)

- Celtique Energie Petroleum - 33.33%

- Europa Oil & Gas - 33.34%

- Union Jack Oil - 8.33%

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Europa Oil & Gas (Holdings) [LON:EOG] has received consent from the Irish Minister of Energy for the transfer of interest in and operatorship of, frontier exploration licences ( FEL ) 2/13 and 3/13 from Kosmos Energy Ireland. Europa now has 100% interest in, and is operator of seven licences in the Atlantic basins offshore Ireland.

Europa chief executive Hugh Mackay said: "We believe that the North Atlantic contains two of the world s exploration hotspots . One is in the Flemish Pass basin offshore Newfoundland and the other is offshore West Ireland. We are delighted that major oil companies have returned to Ireland s Porcupine basin. We are focused on finding a suitable partner with whom we can look to prove our existing licenses via the drill bit. With this in mind, I look forward to providing updates on our progress."

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Ascent Resources [LON:AST] has issued 92,352,218 new ordinary shares following the conversion of 820,000 convertible loan notes of £1 each which were issued in May 2013 as part of an open offer to all shareholders.

The company says £9,414,360 nominal convertible loan notes (including rolled-up interest) remain outstanding.

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The sector's biggest fallers were Xtract Resources [LON:XTR] and Chariot Oil & Gas [LON:CHAR] - down by more than 13.7% and over 1.24% respectively in late trading.


At 4:01pm:

[LON:AST] Ascent Resources PLC share price was +0.1p at 0.83p

[LON:AUR] Aurum Mining PLC share price was 0p at 0.95p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.19p at 1.96p

[LON:CHAR] Chariot Oil Gas Ltd share price was -1.05p at 7.4p

[LON:EDR] Egdon Resources PLC share price was -0.88p at 10.63p

[LON:ENQ] EnQuest Plc share price was -1.37p at 32.63p

[LON:EOG] Europa Oil Gas Holdings PLC share price was 0p at 4p

[LON:GKP] Gulf Keystone Petroleum share price was +0.06p at 4.11p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 4.38p

[LON:INDI] Indus Gas Ltd share price was 0p at 263p

[LON:PET] Petrel Resources PLC share price was 0p at 5.88p

[LON:RKH] Rockhopper Exploration PLC share price was -0.5p at 37.5p

[LON:RPT] Regal Petroleum PLC share price was -0.1p at 3.63p

[LON:XEL] Xcite Energy Ltd share price was -0.38p at 11.75p

[LON:XTR] Xtract Resources Plc share price was -0.02p at 0.13p



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