StockMarketWire.com - Oil and gas company Egdon Resources said it had relinquished its stake in license PEDL143 after the operator of the licence had found that drilling of the wells at the site was not viable.

A study examining the viability of drilling the A24, formerly Holmwood, Portland prospect's centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty concluded that the wells were 'neither technically viable nor economically feasible,' UK Oil & Gas said.

'Consequently, UKOG and its partners have now relinquished their interests in the licence,' it added.

Egdon held a 18.4% stake in PEDL143.

Story provided by StockMarketWire.com