Egdon Resources (LN: EDR)

Currency in GBP

Last close As at 03/02/2023

GBP0.03

0.11 (3.73%)

Market capitalisation

GBP16m

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

Sector

Oil & Gas

Equity Analyst

Elaine Reynolds

Elaine Reynolds

Analyst, Energy & Resources

Key Management

  • Mark Abbott

    MD

  • Philip Stephens

    Chairman

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 13.3 2.0 65.4
Relative 7.3 (7.3) 63.7
52 week high/low 9.2p/1.8p

Financials

Production from Egdon Resources’ Wressle-1 well continues to exceed forecast expectations, delivering an average gross rate of 656bopd (197bopd net) in the year ending July 2022. This high rate, combined with high commodity prices, has driven a 530% increase in revenues to £6.91m for the period, up from £1.09m in 2021. With cash of £4.8m, Egdon says it is funded for near-term committed activities. It will now look to increase Wressle production further. Onshore drilling projects have been held up by planning permission refusals, while the UK government’s stance on shale gas extraction has created uncertainty. Progress offshore has been affected by Shell’s withdrawal from the licences holding the Resolution and Endeavour gas discoveries and Egdon must carry out a 3D seismic survey across the P1929 licence by April 2023 to maintain its licence.

Thematics

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