Alkane sells shale assets to Egdon

Alkane Energy yesterday confirmed it has agreed to sell its onshore shale gas assets to Egdon Resources in return for 40m shares. Egdon will have access to Alkane’s shale interests in 10 licence areas, which are estimated to hold up to 28 trillion cubic feet of gas. “This deal will make us the UK’s second-largest publicly listed shale gas firm, after IGas and Dart Energy merge,” Egdon chief executive Mark Abbott told City A.M. “That’s important from an investment perspective.”