Egdon Resources report continuing strong production from Wressle and Ceres

Egdon Resources

Egdon Resources plc (LON:EDR) a UK focused energy company, has provided an unaudited financial update for the third quarter of the Company’s financial year (February to April 2022) and advised on the repayment of a £1 million loan.

Revenues

·      Revenue for the three-month period from February to April 2022 was £2.23 million (2021: £0.31 million and H1 2022: £2.55million).

·      Revenue was primarily from the Wressle and Ceres fields, with average realised oil prices during the period February to April 2022 of $106.67 per barrel of oil (“bbl”) (February to April 2021: $62.43/bbl) and averaged realised gas prices of 217p per therm ($149 per barrel of oil equivalent (“boe”) (February to April 2021: 45p/therm ($44/boe)).

Loan Repayment

·      On 25 May 2022 the £1 million commercial loan facility (the “Loan”) was repaid to Union Jack Oil PLC along with accrued interest as per the agreed terms. 

Wressle Deferred Consideration

·      As advised in the Company’s interim results (26 April 2022), during March 2022, Egdon paid the £0.417 million deferred cash consideration for the additional 5% interest in PEDL180 and PEDL182 (Wressle) which was acquired from Celtique Energie Petroleum Limited during June 2018.

Net Current Assets

·      Accounting for repayment of the Loan, on 1 May 2022 the Company held unaudited cash and cash equivalents of £2.73 million (31 January 2022: £2.08 million) and net current assets of £2.76 million (31 January 2022: £1.16 million).

Commenting, Mark Abbott, Managing Director of Egdon Resources, said:

“I am pleased to report that continuing strong production from Wressle and Ceres coupled with high oil and gas prices have translated into a robust year to date financial performance for Egdon.  The material cash flow generated has been transformational, enabling the Company to become debt free and funded for all near-term commitments in parallel with considering further growth opportunities.”

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

Egdon holds interests in 37 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.

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