# Egdon continues to generate strong revenues and anticipate a further uplift in production

- Link: https://www.directorstalkinterviews.com/egdon-continues-to-generate-strong-revenues-and-anticipate-a-further-uplift-in-production/4121098089
- Published: 2023-01-17T07:28:43+00:00
- Author: Giles

**[Egdon](https://www.directorstalkinterviews.com/company/egdon-resources-plc/edr.l)
Resources plc** ([LON:EDR](https://www.directorstalkinterviews.com/company/egdon-resources-plc/edr.l))
the UK Energy Company has provided the following business update ahead of its Annual
General Meeting. The AGM will be held at the offices of Norton Rose Fulbright, 3
More London Riverside, London, SE1 2AQ at 11.30 am today.

**Revenue**

The Company’s revenue continue to be strong with unaudited revenue for the five-
month period from August to December 2022 of £3.08 million (2021: £2.07 million).

**Operations**

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

**Wressle**

·     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

**Keddington**

·   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

**Avington**

·   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

**Biscathorpe**

·     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.”_

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