Ledingham Chalmers finalises second divestment deal for Humber Oil & Gas in just five days
The Scottish full-service law firm has supported client Humber Oil & Gas Limited on its second onshore licence divestment in a fortnight.
In this latest deal, announced on 8 June and negotiated and signed in just five days, Humber Oil & Gas sold its 12.5% working interest in two petroleum exploration and development licences (PEDLs), covering the Wressle Field, to Union Jack Oil plc for a cash consideration of £500,000.
The operator is Egdon Resources and the other licensee is Europa Oil & Gas.
Like the first agreement with Humber Oil & Gas in May, when the privately-owned English company divested its interest in the PEDL183 onshore UK licence to Reabold Resources, the deal was conducted entirely remotely because of lockdown rules.