Global legal practice Norton Rose Fulbright has advised Egdon Resources plc on the acquisition of the shale-gas business and assets of Alkane Energy plc. The consideration for the acquisition is the issue of 40,000,000 new ordinary shares in Egdon.

The Norton Rose Fulbright team also advised Egdon on its institutional placing of 32,000,000 new ordinary shares and an open offer to shareholders of up to 3,033,663 new ordinary shares to raise up to £7 million.

Egdon Resources plc is a UK AIM listed oil and gas company with producing oil and gas fields onshore and offshore UK, exploration licences onshore and offshore UK and onshore France. Egdon’s proposed acquisition from Alkane will increase its assessed acreage in UK shale-gas by 91 per cent.

The team was led by partner Stephen Rigby, assisted by David Anthony, Nari Armaly and Nichola Johnson.