- Egdon Resources said it had extended the deadline for it to complete a sale of a stake in two exploration licences in the North Sea.

The company had previously announced that it was in exclusive talks to sell down a stake in licences P1929 and P2304 to a 'a large internationally recognised exploration and production company'.

Egdon and the counterparty had agreed to a short extension to the deadline to 23 January, from 19 January, to provide time for the completion of documentation.

'Having secured extensions to the licences during November 2019, we have made excellent progress in respect of agreeing the terms and preparing the documentation for a potential farm-in by the counterparty,' chief executive Mark Abbott said.

However, the company said that until a definitive agreement was signed, no assurance ciould be given that a commercial transaction would ultimately be concluded.

At 12:58pm: [LON:EDR] Egdon Resources PLC share price was 0p at 5.25p

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