(Alliance News) - Egdon Resources PLC on Tuesday trimmed its full-year loss with revenue climbing and annual output rising thanks to the Ceres gas field in north east England returning to production.
In the year ended July 31, revenue rose 81% year-on-year to GBP2.2 million from GBP1.2 million, with the firm's pretax loss narrowing to GBP1.7 million from GBP2.0 million.
Sales costs rising 31% year-on-year to GBP2.9 million from GBP2.2 million prevented an even larger improvement in pretax numbers.
Annual production more than doubled to 182 barrels of oil per day from 84 barrels of oil per day. For the current financial year, Egdon expects output in the range of 130 and 140 barrels of oil per day.
The company is also eyeing planning consent at the Wressle oil field in North Lincolnshire.
Earlier in November, Egdon, which has a 10% stake in the asset, and partners Europa Oil & Gas (Holdings) PLC and Union Jack Oil PLC noted that they expect a decision from a public inquiry to be reached before the end of 2019.
The joint-venture partners are pursuing an appeal after development proposals were initially refused planning consent in November 2018.
Egdon said: "North Lincolnshire Council did not present evidence at the inquiry. Egdon's legal counsel was able to present the case in an effective and robust manner and we now await the decision of the planning inspector which is likely to be before the end of December.
Egdon shares were 8.5% lower at 2.98 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Europa Oil & Gas (EOG)
Union Jack (UJO)