HEYCO Energy Group-backed Petrichor Partners to acquire Egdon Resources for £27m.

HEYCO Energy Group-backed Petrichor Partners agreed to acquire Egdon Resources, a company that engages in oil and gas exploration and production in UK and France, for £27m. "We have a high regard for Petrichor and the HEYCO Group and they have been very supportive of Egdon over many years, helping us to get to the stage of profitability that we have reached today. There is a good deal of mutual respect between our groups and we are pleased that Egdon will continue its activities in safe hands. After considering all strategic options and recognising the challenges, the recommended acquisition provides shareholders with an opportunity to realise a cash exit at an attractive premium," Mark Abbott, Egdon Managing Director.