HEYCO Energy Group has projects in onshore Morocco and
Spain, and, through its investment in Egdon Resources plc, in onshore
England and France. Total gross acres held internationally equal
approximately 800,000.
HEYCO Maroc, a Moroccan subsidiary, completed all committed work for the
first period of the Moulay Bousselham license by shooting a 330 km
seismic program, reprocessing of existing seismic data, acquiring a high
resolution airborne magnetic and gravity survey, and the drilling of one
well. HEYCO Maroc is in discussions with the Moroccan government about
how it might continue its involvement with the project.
Through its Spanish affiliate, the company is currently involved in G&G
work and the design of a drilling program in Northern Spain in a project
operated by Sociedad de Hidrocarburos de Euskadi, SA (the Basque
National Oil Company). Various subsidiaries of HEYCO Energy Group have
been involved in exploration in Spain for over fifteen years.
HEYCO Energy Group recently completed the acquisition of almost 10% of
the stock of Egdon Resources plc in exchange for HEYCO’s interest in the
Avington field, Weald Basin, UK. The Avington discovery was originally
announced in October 2003 and recently received development approval
from the UK Government. Egdon holds interests in twenty-six licenses in
the UK and France and has an active program of exploration, appraisal,
and development in its balanced portfolio of oil and gas assets. Egdon
is an approved operator in both the UK and France. Egdon currently has
production from the Keddington and Avington oil fields. Further oil and
gas production is anticipated from Kirklington, Kirkleatham, Waddock
Cross, and Eakring-Dukes Wood fields during the next twelve months.
