HEYCO Energy Group Inc., through subsidiary Petrichor Partners LP, completed its acquisition of UK-based Egdon Resources plc. Financial details were not disclosed.
Egdon holds interests in 33 licenses in the UK with exposure to production, development, appraisal and exploration projects. The company’s flagship Wressle field is the onshore UK’s second highest producing oil field after Wytch Farm, HEYCO said (OGJ Online, July 30, 2021). Egdon is also developing opportunities for energy storage, hydrogen, geothermal, and renewable generation.
Egdon recorded production of 46,465 boe (253 boe/d) for the 6 months ended Jan. 31, 2023. The unaudited results were released by Egdon on Apr. 24, 2023.
While Egdon’s primary focus is on conventional oil and gas projects, it also has significant shale assets that are currently impacted by the UK’s moratorium on hydraulic fracturing, HEYCO said.
“With its sizeable shale acreage in the Gainsborough Trough, Egdon has smartly positioned itself to be a leader in delivering critical volumes of natural gas to UK households and businesses should lawmakers support local, unconventional development,” said George Yates, president and chief executive officer of HEYCO.
British Prime Minister Rishi Sunak reinstated England's ban on hydraulic fracturing In October 2022 after it was briefly lifted by his predecessor Liz Truss (OGJ Online, Sept. 9, 2022).
HEYCO Energy Group is an energy portfolio company with subsidiaries active in upstream oil and gas operations in the US and Europe. It is privately owned by members of the Yates family of Southeastern New Mexico.
