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it's very encouraging to see EDR in good shape but they need another Wressle sized revenue stream in order to make some real progress with their 35 licences. Keddington is the obvious choice, what are they waiting for?
Egdon have reported that their average production for the 6 months to 31 January was 253 boe per day. The vast majority of this relates to Wressle since Keddington isn't producing very much according to the NSTA. Egdon have 30% of Wressle, so this probably represents average production of about 840 boepd gross over the six months, which I reckon is pretty good.
Notrac, I think 800+ is Wressle total, rather than edr's %.
. I understood that Wressle was producing over 800 barrels per day.
Great news, and loads of cash!
Interim Period Trading Statement
Ahead of the release of the Company's interim results on 24 April 2023, Egdon Resources plc (AIM:EDR), the UK Energy Company, is pleased to provide a summary trading update in relation to the six months period ending 31 January 2023 (the "Interim Period").
-- Production for the Interim Period was up by 27% to 46,465 barrels of oil equivalent ("boe") equating to a rate of 253 boe per day ("boepd"), ahead of full-year guidance of 225-245 boepd (H1 2022: 36,714 boe and 200 boepd)
-- Unaudited revenue for the Interim Period was up 46% to GBP3.725 million (H1 2022: GBP2.551 million)
-- As at 31 January 2023 the Company had cash and cash equivalents of GBP5.524 million (H1 2022: 2.084 million) and net current assets of GBP7.334 million (H1 2022: 1.165 million)
The Company is continuing to make good progress across its conventional assets and particularly in relation to the near-term operational objectives set out in the 2022 annual report. Production continues to be strong, particularly from Wressle, where Egdon has also progressed with the gas utilisation and monetisation scheme through the installation of the micro-turbines - which will eliminate routine on site diesel generation - and where work is ongoing on the gas to wire project. The Company is progressing towards submitting planning and permitting for further development at Wressle and finalising a programme of drilling in our exploration and development/redevelopment projects for 2023-24. Egdon is also making good progress on a potentially material renewable energy, green hydrogen and energy storage project.
Commenting on the trading update, Mark Abbott, Managing Director of Egdon, said:
"We continue to generate material revenues from the strong performance of our UK producing assets. This has led to a strengthening of the balance sheet to support the planned 2023-24 operational programme.
With the business in good health, I look forward to providing shareholders with a more detailed update on the Company's financial and operational performance on the 24(th) April."
EDR stated a 4 day shutdown in December so although the nsta data states 787.95bpd that's an average of about 905bpd over 27 days. associated gas was 272.18 tonnes = 10 tonnes per day for 27 days as per the limit
this is interesting because it suggests that the December oil/gas ratio allowed 900bpd
add in an "up to 20% increase" and the new production number could be as high as 1080bpd although I believe circa 950bpd is more likely
With loads of ££ flowing in, £14m MCap is so undervalued. Should be 3x that.
pboo is correct, it's official NSTA data - see website for month by month data
Really? Where is that stated?
Official December production before the Micro Turbines were commissioned were 797.95 bopd
"341,100 barrels to 12 January 2023"
390,000 to 15 March 2023
Difference of 48,900 over 62 days is 788.71 bopd average.
8 November RNS advised 656 bopd.
Those microturbines making a difference already.
Will this include the long awaited up date about the three micro turbines and what they will be generating and how much they can open the taps....
Just can't believe how long this has all taken.... Let's hope next week they can put some real meat on the bone....and answer all the long awaited questions....
How did EDR get the impression that the go aheads were due at year end 2022.....
How did it ever get this bad.... getting things done and signed off...
Good luck any way all
gg
This was posted by Serif on Europa's LSE board last week
"Egdon have apparently set the next community liaison meeting for Wednesday 15th March, so seems likely we will get the long awaited Wressle update start of next week"
Let's hope for a decent flow ratesfrom Wressle. Frankly, I'd be very happy with 800 to 900 bopd.
The powers that be have just noticed a minor glitch in their green energy master plan,when the wind doesn't blow ,their wind farms don't produce any electricity. Whoops they didn't see that coming,no worries can always start up a coal fired power station- but don't tell the nimbys.
Did anyone notice the excellent Wressle production figures for December '22 ?The NSTA has recently reported an average figure of 787.95 bopd for that month plus 72.05 boepd of gas. By my reckoning that an average of about 417,900 cubic feet of gas per day that should obviously be used to generate electricity, and not flared. But the total figure of 860 boepd for the oil plus the gas is the best figure fromthe NSTA since they started publishing for July '22.
Those 18,591,000 shares were probably not so much a "bonus" but IMO were more likely to have been option shares exercised by staff and / or directors. The annual accounts, when we see them, will show us how many of them went to the exec directors.
possibly part of the Aurora acquisition although the 20.12.22 RNS does not mention any EDR shares changing hands
Who got the 18,591,000 shares bonus????
Why bother doing anything,when you are already getting paid for sweet fa. Uk stratergy -go for the cheapest option not what we actually need.
why dont they use the surplus energy for electrolysis, ie separating water into hydrogen and oxygen?
Ironic really as it's generally windier up North as well. The government probably apply the same urgency to the grid infrastructure as they do to everything else in the North.
See that the windfarms up north are being paid not to produce, car'nt transport the generated stuff down south because the cable infrastructure inadiquate. The good news is that the massive cost (hundreds of millions is being added to our electricity bills .
Thanks Mark, a fellow spark! Ive been adding here and there for a while since my original investment at 1.2. Just thought it strange that the ask was 3.0 which is not what I paid and shown as a sell.
Sounds like might be a good buy with oil price on the way up and commissioning of micro turbines now 8 weeks in. However I’m not sure what other work ( eg permissions) Egdon need to do before they increase production. It’s the announcement of that hoped for extra production that will give the SP a lift.
Well the trade at 13:42 today for 35K+ was definitely a buy because I bought them!