Egdon Resources Plc
-0.10 (-3.85%)
Share Name Share Symbol Market Type Share ISIN Share Description
Egdon Resources Plc LSE:EDR London Ordinary Share GB00B28YML29 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -3.85% 2.50 2.40 2.60 2.60 2.45 2.60 998,983 14:55:58
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.1 -1.7 -0.5 - 13

Egdon Resources PLC AGM Business Update

17/01/2023 7:00am

UK Regulatory (RNS & others)

Egdon Resources (LSE:EDR)
Historical Stock Chart

From Dec 2022 to Mar 2023

Click Here for more Egdon Resources Charts.


RNS Number : 9005M

Egdon Resources PLC

17 January 2023

17 January 2023


("Egdon" or "the Company")

AGM Business Update

Egdon Resources plc (AIM:EDR) the UK Energy Company is pleased to provide the following business update ahead of its Annual General Meeting ("AGM"). The AGM will be held at the offices of Norton Rose Fulbright, 3 More London Riverside, London, SE1 2AQ at 11.30 am today.


The Company's revenue continue to be strong with unaudited revenue for the five-month period from August to December 2022 of GBP3.08 million (2021: GBP2.07 million).


Progress is being made across Egdon's entire portfolio of assets, highlights include:


   --      Cumulative oil production of more than 341,100 barrels to 12 January 2023, with no water 

-- Current daily production rate of approximately 825-850 barrels of oil per day ("bopd"), however, a daily rate of in excess of 1,000 bopd was achieved in late December 2022, following a four day shut-down

-- Three microturbines have been delivered to site and installation and commissioning is ongoing

-- The microturbines will generate all site electricity and are expected to enable up to a 20% uplift in oil production

-- 3D seismic reprocessing completed and new field interpretation being finalised to confirm final target locations for future appraisal and development drilling

-- New Competent Persons Report to be commissioned incorporating the new field interpretation and exceptional production performance

   --     Planning and permitting process for Penistone Flags development has commenced 

-- Drilling of a Penistone Flags development well is planned for H2 2023, subject to receipt of regulatory and planning consents

-- Progressing gas to wire, and gas export options to generate further revenue streams and to eliminate gas incineration at Wressle


-- Reprocessing of existing 3D seismic data currently being finalised to inform final sub-surface location for a side-track well to target around 160,000 barrels of incremental oil production

   --   Planning consent and permits in place to enable drilling during H2 2023 


-- All planning conditions have been discharged and the operator is planning to restart production during H1 2023

-- Egdon will increase its interest in the field to 36.33% on completion of the acquisition of Aurora Production Limited

Waddock Cross

-- Egdon will increase its interest in the field to 73.75% on completion of the acquisition of Aurora Production Limited

   --     Planned redevelopment of the Waddock Cross oil field 

-- The Company is progressing planning and permitting to secure consents for drilling with the target of H1 2024


   --     A Planning Hearing was held on 11 October 2022 and the Inspector's decision is awaited 
   --      Preparations for drilling in H2 2023 would follow from a successful planning appeal 

North Kelsey

-- Egdon submitted a planning appeal in August 2022 and we have been informed that the appeal will be held as a Hearing with the detailed timing awaited from the Planning Inspectorate

Resolution and Endeavour (P1929 and P2304)

-- Shell has completed its withdrawal from the P1929 licence and Egdon is now operator with a 100% interest

   --   P2034 (Endeavour) was surrendered in November 2022 

-- The nearby, analogous Pensacola Prospect has discovered gas and a testing programme is underway

Updated Corporate Presentation

An updated corporate presentation, including updates as detailed above, will be made following the AGM and will be available on the Company's website at www.egdon-resources.com

Mark Abbott, Managing Director of Egdon, commented:

"Egdon continues to generate strong revenues from its UK producing assets with Wressle being the standout asset, performing ahead of expectations. We anticipate a further uplift in production at Wressle in the near future once the microturbines are fully commissioned and operational. We are actively progressing planning and permitting for the development of the Penistone Flags reservoir, which along with the associated gas to grid project will result in a further material uplift in production and revenues.

Elsewhere, we are progressing our plans for a drilling campaign during the next 12 to 24 months designed to further increase our production and revenue and funded from the material cash flow being generated from our existing production."

For further information please contact:

Egdon Resources plc

Mark Abbott, Martin Durham 01256 702 292


Ben Romney, Jon Krinks 020 7466 5000

Nominated Adviser & Joint Broker - WH Ireland Limited

Chris Hardie, Antonio Bossi, Megan Liddell 020 7220 1666

Joint Broker & Financial Advisors - VSA Capital Limited

Andrew Monk, Andrew Raca 020 3005 5000

About Egdon

Egdon Resources plc (LSE: EDR) is an established UK-based energy company focused on onshore exploration and production in the UK.

Egdon holds interests in 35 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

January 17, 2023 02:00 ET (07:00 GMT)

1 Year Egdon Resources Chart

1 Year Egdon Resources Chart

1 Month Egdon Resources Chart

1 Month Egdon Resources Chart
Your Recent History
Egdon Reso..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20230326 02:34:21