Egdon Resources Share Discussion Threads

[currypasty] 19/8/2020 10:28

seems like a few buys does move the price.. as opposed to eog where a few buys is hit with a seller

[guesswhosback2] 19/8/2020 09:57

well a tick up at last. Wressel soon.

[currypasty] 06/8/2020 16:08

asked on EOG, but same applies here..

on 'first commercial oil' UJO is on the hook for 2 lots of £1.04m to Calmar LP

Does EDR have any similar liabilities?

[jasper2712] 06/8/2020 16:02

Hopefully after the share price has risen substantially!

[anley] 06/8/2020 14:34

For some shareholders to think about:

How will EDR pay there costs when Shell come to drill?

Another cash call - No someone will come along and take this company out. Sell all its assets and just keep the OFFSHORE asset..............when?

2021.....

[anley] 03/8/2020 14:17

ALL for 150 barrels of oil per day .............. + Costs = £Not a lot........

[currypasty] 31/7/2020 07:41

In response to our freedom of information request, the council revealed that one pre-commencement condition had been discharged on 29 April 2020.

This was condition 15, which required Egdon to submit a borehole installation plan to the council. The plan involved deepening three existing groundwater monitoring boreholes and drill an additional monitoring borehole.

In a statement in May 2020, Egdon confirmed that it had installed four groundwater monitoring boreholes. The first three months of sampling would establish baseline groundwater quality, the company said.

The council’s FOI response also confirmed that other conditions had not yet been discharged. It said:


“Details have been submitted and are awaiting consideration for the discharge of conditions 4, 16 and 17.”

Condition 4: requires Egdon to submit a noise management plan for written approval by the council. This shall “clearly set out all potential sources of noise and techniques to be used to prevent and mitigate noise”.

Condition 16: requires a scheme for on-site load bearing testing to be submitted and approved by the local planning authority.

Condition 17: requires a construction quality assurance report to be submitted and approved by the local planning authority.

The council added:


“There will also be a requirement for condition 5 to be discharged to the satisfaction of the local planning authority before any works can be commenced.”

Condition 5: requires Egdon to submit details of the name, make, model and technical noise specification of the drilling rig to the council for approval before drilling or well stimulation can begin.

Egdon’s most recent statement on Wressle said it continued “to make good progress with the Wressle development despite the current challenging operating environment” [because of Covdi-19].

It had previously forecast that the first oil from Wressle would flow during the second half of 2020.

[nash81] 29/7/2020 17:27

we have seen how UJO been rising higher. I added in EDR few days back.

EDR should be double from here at least

[guesswhosback2] 29/7/2020 08:26

Im sure the partners are pressing too. I will see if I can speak to somebody and ask the question.

[currypasty] 29/7/2020 08:16

many who have followed all this for many years will know Ruth Hayhurst from her reports in drill or drop




Fair play to her for finding this sort of information out


poor show on EDR part (IMHO) for the time taken, as even once rig details submitted, could be a lengthy wait for council to approve .. Timing of oil H2 looks tight now

[currypasty] 29/7/2020 08:13

thanks to wba1, on ujo for finding this freedom of information request by Ruth Hayhurst to N. Linc council





wba1 suggests "condition 5, which requires details of the drilling rig to be approved by the council, is not yet submitted."


Seems a poor show if we have not even got this far

[currypasty] 23/7/2020 15:53

I would be expecting an update maybe early August to tie in with the three months bore hole monitoring period end.

Im still mindful of their cash position, namely 31st jan period end had £781k + £500k placing + £120k NLC, so about £1.4m


Looking at the interims costs, 576k on admin, and 737k direct production costs, with sales of 675k for 6 months.. Since then oil/ gas prices crashed.. I cant see how they have any cash to actually fund Wressle...

[jasper2712] 15/7/2020 19:35

"the Company envisages first oil during H2 2020"
With the ground water monitoring still going until mid August and it looks as if it will be late H2 before oil production starts

[anley] 07/7/2020 17:34

Cantor had to go as they have withdrawn from being AIM company promoters but only to be replaced by WH Ireland who will do what.......?????? and be paid for doing f.....all.

[anley] 07/7/2020 17:32

Yet one director buys at 2p............!!!

Not a great big deal but like most of these Private PLC it makes the director look good in the eyes of some punters.

I have asked the value of this business question before and it seems to be going down all the time.

Premier Oil have a stake as do our USA friends who from time to time bank-roll the company. But what this company needs is to be taken over and stripped of its cost base and management team and any asset not able to produce a decent return sold. Just keep what brings in the cash flow but do no more exploration as one will always be fighting the planners and environmentalists - go offshore with a decent operating company and maybe everyone will get their capital back................

[currypasty] 07/7/2020 09:55

always a bit fishy when tiny companies need 2 brokers... usually means the new broker has been hired to look for more cash....

they must be running on fumes again, wressle will take cash to get to actually pumping.

..all imho

[currypasty] 29/6/2020 09:15

now they have issued a replacement rns without the directors dealings

great start WHI !!!

[currypasty] 29/6/2020 07:24

Cantor Fitzgerald given the boot, well now just joint broker

interesting WHI included the director dealings which were mentioned by CF in april but only as combined directors, not individual purchases. (in the placing subscription)

[currypasty] 29/6/2020 07:20

The Company is pleased to announce the appointment of WH Ireland Limited as Egdon's Nominated Adviser ("Nomad") and joint broker.

[jasper2712] 25/6/2020 15:40

Union Jack Oil acquired 3% of Biscathorpe in a deal with Egdon Resources Ltd and another 3% in a deal with Montrose Industries Ltd.
That accounts for 3% of EDR's drop. Where did the rest of it go?

Also I see that Union Jack Oil is expanding its ownership of the Wressle oil field development project, with a deal to acquire an additional 12.5% interest from Humber Oil & Gas Limited for an initial upfront payment of £500,000.

[currypasty] 25/6/2020 14:45

"Mark Abbott, Managing Director of Egdon Resources plc, commented: "We are pleased that agreement has been reached with Humber, enabling the project to now move forward with full support from all partners.

Having retained the wellsite, the JV has maintained its optionality to pursue a cost effective side-track to test the resource potential of not only the Basal Westphalian Sandstone play, but also to appraise the oil column demonstrated in the deeper Dinantian Carbonate reservoir.

Our detailed work has concluded that a potentially material and commercially viable hydrocarbon resource remains to be tested at Biscathorpe.

We look forward to providing further updates to shareholders as the Biscathorpe project develops."


It looks like the Biscathorpe side track is going ahead, could be very exciting!

[currypasty] 25/6/2020 09:10

In Egdon’s 2019 accounts (Note 17) Trade and Other Receivables) state that Humber owed the partnership a total of £780,000 of which £327,200 was due to Egdon


I would assume that with Humber selling off parts of its assets to ujo, and rbd it can now pay up.. Good news for EDR, in my opinion as they must have been running on fumes looking at their accounts.

[jasper2712] 24/6/2020 09:54

Company USED TO hold a 44.75% NOW HOLDS 35.8%.
Did they lose this dispute? Also notice that UK Oil have upped their stake by buying into it.