EDR.L Share News (EDR)

(Sharecast News) - Oil and gas exploration outfit Egdon Resources saw net production from its Ceres, Keddington and Fiskerton fields soar to 66,364 barrels of oil equivalent in the year ended 31 July.
Egdon recorded an average of 182boe per day during the period, a marked improvement on the 70boepd produced during the previous year and in line with the group's previously stated guidance, following the installation of a new flow meter at Ceres in late October 2018, driving "a significant increase" in production.

The AIM-listed firm said it will provide production guidance for the 2020 trading year with its preliminary results on 19 November, but cautioned that initial guidance for the first half of the financial year was slightly lower at roughly 170-180boepd as Mercury gas backout volumes receivable by Ceres' partners were set to stop at the end of December.

Elsewhere, Egdon said a public inquiry in respect of its appeal against a refusal of its "extensively revised development proposals" for the Wressle oil discovery in North Lincolnshire will be held between 5 and 13 November.

The timing of Egdon's case, which will be presented by a QC and supported by expert witnesses, led to the company delaying its preliminary results announcement until 19 November.

"A decision is expected around the turn of the year. Should approval be forthcoming Egdon will need to discharge all conditions prior to commencing operations and would hope to have first production some six months after a decision," said Egdon.

As of 1125 BST, Egdon shares were down 1.90% at 5.15p.