Perth based Eden Energy has executed a conditional Heads of Terms to sell its entire UK coal seam methane and shale gas portfolio for £10.061million to be satisfied by a cash payment of £750,000 and with the balance to be paid in fully paid ordinary shares in presently unlisted UK public company Shale Energy.
The sale assets comprise Eden’s 50% joint venture i nterests in 17 Petroleum and Development Licences (PEDLs) in England and So th Wales and its 100% interest in a further 3 PEDLs in South Wales (Eden ’s UK Licence Interests).
As announced by Eden before, independent experts (RPS in relation to s hale gas and RISC in relation to coal seam methane) had reported that these licences have the potential to contain significant quantities of hydrocarbons. More specifically, that announcement reported that:
RPS in relation to the shale gas had reported:
– unrisked P90 Resource Volumes of Shale Gas in the Numurian Measures on 7 Petroleum Exploration and Development Licences (PED Ls) in South Wales in which Eden holds a 50% interest (covering a prospective area of 806 square kilometres) of:
– RISC in relation to coal seam methane had reported that:
[mappress] LNG World News Staff, May 29, 2013; Image: Eden Energy