LONDON (Alliance News) - Egdon Resources PLC on Monday reported its first full month of production from the Ceres gas field, located in the southern North Sea, following the installation of a new flowmeter.
Egdon shares were trading up 14% on Monday at 7.70 pence each.
Egdon holds a 10% interest in the Spirit Energy-operated Ceres field.
The oil & gas exploration company said net gas production during November averaged 1.16 million cubic feet per day. As a result Egdon expects net gas sales for November to be in excess of GBP235,000.
"We are pleased to report this production update from Ceres which represents a material step up in both production and cash flow for Egdon," said Managing Director Mark Abbott.
"The production from Ceres defines our strategy of maintaining a balanced portfolio of conventional production whilst also progressing our conventional exploration activity and our material unconventional acreage position," added Abbott.