(Alliance News) - Egdon Resources PLC on Monday reported higher interim revenue and oil production, helped by its Wressle oil field.
The UK-focused oil and gas exploration and production company said revenue in the six months to January 31 climbed 49% to GBP3.7 million from GBP2.6 million a year ago.
Egdon's output increased 27% to 46,465 barrels of oil equivalent, up from 36,714 a year ago. This is an improvement of the per day production to 253 barrels of oil equivalent per day from 200, and ahead of its full-year guidance of 225 to 245 barrels.
Net cash as at January 31 improved to GBP5.5 million from GBP2.1 million a year prior, while net assets surged to GBP7.3 million from GBP1.2 million.
Looking ahead, Egdon noted progress towards submitting planning and permitting for another development at Wressle, and in finalising a programme of drilling in its exploration and development project for 2023 to 2024.
Egdon Resources shares were 3.9% lower at 2.50 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.