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Egdon Resources estimates high shale gas content in UK licences

Reuters - UK Focus

LONDON, April 25 (Reuters) - Unconventional fossil fuel explorer Egdon Resources (LSE: EDR.L - news) said on Friday an independent report estimates its UK shale gas licences hold around 18 trillion cubic feet of gas.

The company, which sold a stake in one of its shale gas licences to French oil major Total (NYSE: TOT - news) earlier this year, also said it was continuing to look for acquisition and consolidation opportunities in the sector.

"Given the high level of interest and recent transactions, we expect our UK shale-gas assets to be an increasing near-term value driver for the business," Egdon Resources chairman, Philip Stephens, said in a statement.

The company also said it planned to participate in Britain's next onshore licensing round which is expected to launch later this year. (Reporting by Karolin Schaps; editing by Sarah Young)