HEYCO Energy Group Inc. subsidiary Petrichor Partners LP has completed its acquisition of U.K.-based energy firm Egdon Resources Plc, the companies said Sept. 28 in a joint press release.
Financial terms of the deal were not disclosed.
Founded in 1997, Egdon is a full-cycle upstream oil and gas company with 33 licenses in the U.K. The company’s flagship Wressle Field is the onshore U.K.’s second biggest producing oil field.
Egdon is also developing opportunities for energy storage, hydrogen, geothermal and renewable generation. The acquisition was unanimously recommended by Egdon’s board of directors in May.
“Egdon is a very strong enterprise with current production and a number of exciting conventional, unconventional, and renewable opportunities,” said George Yates, president and CEO of HEYCO. “The acquisition allows us to bring Egdon fully into the HEYCO family of companies and strategically leverage our collective technical and operational expertise across projects in the U.K., Spain, and the United States.”
HEYCO, an upstream energy company with holdings in the U.S. and Europe, has invested in and provided technical advice to Egdon for more than two decades. The acquisition adds to HEYCO’s expanding European portfolio, following the purchase of a gas field in Northern Spain and the establishment of a Madrid office in 2022.
“There is a great deal of mutual respect between Egdon and HEYCO built up over many years of working together,” said Mark Abbott, CEO of Egdon. “We look forward to Egdon’s next chapter as a private company within the wider HEYCO family where the combined financial and human capital will help us reach our vision of providing locally derived, secure, affordable and sustainable energy to meet the U.K.’s evolving energy needs.”
While Egdon’s primary focus is on conventional oil and gas projects, it also has significant shale assets that are impacted by the U.K.’s moratorium on hydraulic fracturing.
“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 U.K. households and businesses should lawmakers support local, unconventional development,” Yates said.
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