LONDON--Egdon Resources PLC (EDR.LN) said Tuesday it has exchanged its 12% stake in the U.K. onshore license PEDL209 in the Gainsborough Trough with Stelinmatvic Industries Ltd.'s 12 % stake, for which it also issued 580,646 shares.

The value of the issued shares is of 54,000 pounds ($67,779), the company said.

In addition, Egdon has agreed with Total E&P U.K. Ltd., a subsidiary of Total S.A. (FP.FR), to let Total farm-in at PEDL209 until the end of next year.

Total will spend GBP13.5 million on the license and will earn an interest of 36%, Egdon said.

Shares at 0805 GMT up 0.75 pence, or 8%, at 10.13 pence valuing the company at GBP26 million.

-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

April 04, 2017 04:20 ET (08:20 GMT)

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