Egdon Resources

LN: EDR

Market Cap£19m

Last Close 3.7p

Egdon Resources is an AIM-listed onshore oil and gas exploration company. The group has conventional and unconventional assets in the UK.

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Investment summary

Egdon Resources’ Wressle-1 well continues to produce above expectation, delivering 760–800bopd (228–240bopd net) during the six months to end January 2022. This high rate, combined with high commodity prices, has driven a 500% increase in revenues to £2.55m for the period, up from £0.42m in H121, and has made Egdon profitable for the first time since H111. With cash of £2.08m, the company says it is funded for near-term committed activities. Egdon will now look to increase Wressle production further. Other onshore drilling projects have been held up by planning permission refusals, while the UK government’s request to review shale gas extraction could bring the company’s shale assets back into play. Progress offshore has been affected by Shell’s withdrawal from the licences holding the Resolution and Endeavour gas discoveries. Egdon’s share price has performed strongly over the last six months, peaking at 4.2p/share in April and falling back over the last month.

Content on Egdon Resources
Egdon Resources – Wressle continues to deliver
Oil & gas | research QuickView | 4 May 2022
66
Egdon Resources – Wressle exceeds expectations
Oil & gas | research QuickView | 24 September 2021
66
Egdon Resources – Wressle key to production increase
Oil & gas | research QuickView | 29 April 2021
66
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.7 27.6 124.2
Relative* 6.5 28.2 116.3
52-week high/low 4.2p/1.2p
*% relative to local index
Key management
Philip Stephens Chairman
Mark Abbott MD