Egdon Resources Share Discussion Threads

[jasper2712] 23/6/2020 19:35

"with an initial three months of sampling to determine baseline groundwater quality."
This was from May 13th so a few months to go before any major activity on the site.
"the Company envisages first oil during H2 2020". Looks like they are going to be behind target but with the price of oil it was probably prudent to delay production short term.

[jasper2712] 14/6/2020 19:31

Have they resolved the issue with Humber? The last time I heard anything Humber was reneging on a payment that was due to EDR

[guesswhosback2] 13/6/2020 23:26

Um what about Wressel income?

[jasper2712] 13/6/2020 12:05

Shell obviously think that there is something worth pursuing in this area Energy supply is still very much dependent on gas

[anley] 12/6/2020 10:30

If you look at the Shell deal and where the EDR license is you will also notice that out at sea there is a huge area which is what Shell are closely mapping.

The problem with all of this research by Shell is a timing one. I think that by the end of this year 2020 Shell we have more knowledge and a feel as to what is in this area of the Southern North Sea and so will Deltic Energy where Shell paid nearly £10m for 3d seismec work last August 2019.......that gives you some idea as to the time it takes to arrive at conclusions.

In the case of EDR I would guess that in 2021 some work will have been done but the excitment of a new gas field will be in 2022.

A very tricky time for EDR shareholders with oil/gas prices as it will be for the rest of this year me thinks.

[currypasty] 08/6/2020 09:23

all go this morning

[bean02] 28/5/2020 23:31

Big volume surge. Promising. Long way back up.

[currypasty] 15/5/2020 14:33

just looking at the interims from last month

"Oil and gas revenues during the period fell to of GBP0.675 million (H1 2019: GBP1.210 million) as a result of the weak price environment"

"Overall loss for the period of GBP3.235 million including GBP2.191 million of impairments (H1 2019: loss of GBP0.724 million, GBPNil impairments) "

so even without any impairments they are running at over a million loss for the six months.. (about £175k/month)

They had at period end (end jan) 780k plus the placing 500k plus the money from nlc aprox £120k

so all in all the placing was a 'keep the lights on', and cash will last till about august...

post end of year, oil/gas price probably looking a lot worse, so I hope they are savagely cutting costs

all imho, based on rns's please feel free to correct any bits

[currypasty] 15/5/2020 14:18

1.3 mil dump at only 1.5p

[leoboy] 13/5/2020 13:05

thanks to maisung :

[sparkyboy1] 13/5/2020 08:36

I hope the council has learnt a expensive lesson

[currypasty] 13/5/2020 08:08

As previously advised, the plan for the Wressle development comprises the following key stages:

1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures

2. Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis
3. Reconfiguration of the site
4. Installation and commissioning of surface facilities
5. Sub-surface operations
6. Commencement of production

Following NLC approval of the installation plan and discharge of the associated planning condition, we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.

As previously advised, on current plans, the Company envisages first oil during H2 2020".

[currypasty] 11/5/2020 21:03

also interesting..

"In April 2020, the Company purchased 5,000,000 new
ordinary shares in Egdon Resources plc via means of a
subscription at a price of 2 pence per Subscription Share
for a total subscription amount of £100,000."

[currypasty] 11/5/2020 20:27

looks like we have to look in UJO annual reports for information...



"During January 2020, the Planning Inspectorate informed
the Operator that the appeal in respect of obtaining
planning consent for the development of the Wressle
oilfield, situated on licences PEDL180 and PEDL182 located
in North Lincolnshire, was successful. The Inspector also
allowed the application for an award of costs against the
North Lincolnshire Council (“NLC”). Subsequently, the
NLC has paid costs of £403,000. Union Jack will receive
its proportion of this payment once the sum to be paid is
agreed with the Operator."

[currypasty] 06/5/2020 11:44

4 months now since wressle green light, plus they were pretty confident months before, so what have they been doing??

also "The Inspector also allowed the application for an award of costs against North Lincolnshire Council"


where is that up too?

[currypasty] 06/5/2020 11:40

disappointingly still very weak.. raised £500k to keep the lights on a month ago, including £50k from m.abbot, at 2p

now 1.8p to buy with very little volume.. come on edr, get those planning conditions met and lets have some progress.. not just edr counting on this!!!!

[anley] 21/4/2020 11:17

Another nail in the coffin as Shell will take them into 2021 before making any decision on one deal.

Is the M/Cap worth £6m with the costs associated with keeping the company alive?

I ask again........take it private before its to late and for shareholders take a tax loss and look for asset rich and cash in the bank and no pension schemes and tight saleries........I can think of 2 companies.

[currypasty] 21/4/2020 08:33

"To date there has been no operational impact from the Government's restrictions imposed due to Covid-19 "

"Operational progress to date has concentrated on the enabling works which include discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures. The initial work on site will be the installation of the groundwater monitoring boreholes with the main site operations occurring in the last months of the work stream"





I wonder when they will report that they have actually done something?

[anley] 16/4/2020 09:58

NO.........it is just to pay the bills and not to make shareholders rich.............

Go back on this BB and read some of my bearish remarks about this company. Even Shell will not come to the resue of EDR as it has gone slow on all/most of its projects.