Q. Morning Brendon, Egdon Resources published their preliminary results today, what were the key takeaways?
The company delivered a solid set of results, with production up 160%, robust profits of £3.3M, a strong cash position of £4.8M and no debt.
Q. How did the results compare to forecasts?
The results hit our ambitious forecasts almost dead on. The exception was the company’s cash balance, which beat our estimates materially on better than expected working capital dynamics.
Q. Does this mean a change to your forecast going forward?
For now we keep our forecasts unchanged.
Q. How do you see the outlook for the company?
Prior to year-end, keep an eye on potentially positive developments at Wressle that could increase production and for potentially positive news in respect of the company’s planning permission appeals for North Kelsey and Biscathorpe.
Egdon Resources plc (LON: EDR), is a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK.