(Alliance News) – Egdon Resources PLC announced on Tuesday that the North Sea Transition Authority condition for its purchase by Petrichor Partners LP has been satisfied, further paving the way for a court-sanctioned scheme of arrangement.

The Reading-based oil and gas explorer and producer announced on May 17 that it had agreed to the all-cash takeover by Petrichor, a wholly-owned subsidiary of Dallas-based Heyco Energy Group Inc. The deal values Egdon at about GBP26.6 million, with shareholders set to receive 4.5 pence per share.

Shares in Egdon were up 3.1% at 4.33p in London around midday on Tuesday.

Both Heyco and Petrichor are ultimately owned by Explorers Petroleum Corp, which is controlled by Heyco Chief Executive Officer George Yates.

Egdon announced on July 3 that the scheme of arrangement had been approved by the requisite shareholder majority at a court meeting.