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AGM Business Update

17 Jan 2023 07:00

RNS Number : 9005M
Egdon Resources PLC
17 January 2023
 

17 January 2023

EGDON RESOURCES PLC

("Egdon" or "the Company")

AGM Business Update

Egdon Resources plc (AIM:EDR) the UK Energy Company is pleased to provide the following business update ahead of its Annual General Meeting ("AGM"). The AGM will be held at the offices of Norton Rose Fulbright, 3 More London Riverside, London, SE1 2AQ at 11.30 am today.

Revenue

The Company's revenue continue to be strong with unaudited revenue for the five-month period from August to December 2022 of £3.08 million (2021: £2.07 million).

Operations

Progress is being made across Egdon's entire portfolio of assets, highlights include:

Wressle

· Cumulative oil production of more than 341,100 barrels to 12 January 2023, with no water

· Current daily production rate of approximately 825-850 barrels of oil per day ("bopd"), however, a daily rate of in excess of 1,000 bopd was achieved in late December 2022, following a four day shut-down

· Three microturbines have been delivered to site and installation and commissioning is ongoing

· The microturbines will generate all site electricity and are expected to enable up to a 20% uplift in oil production

· 3D seismic reprocessing completed and new field interpretation being finalised to confirm final target locations for future appraisal and development drilling

· New Competent Persons Report to be commissioned incorporating the new field interpretation and exceptional production performance

· Planning and permitting process for Penistone Flags development has commenced

· Drilling of a Penistone Flags development well is planned for H2 2023, subject to receipt of regulatory and planning consents

· Progressing gas to wire, and gas export options to generate further revenue streams and to eliminate gas incineration at Wressle

Keddington

· Reprocessing of existing 3D seismic data currently being finalised to inform final sub-surface location for a side-track well to target around 160,000 barrels of incremental oil production

· Planning consent and permits in place to enable drilling during H2 2023

 

Avington

 

· All planning conditions have been discharged and the operator is planning to restart production during H1 2023

· Egdon will increase its interest in the field to 36.33% on completion of the acquisition of Aurora Production Limited

 

Waddock Cross

· Egdon will increase its interest in the field to 73.75% on completion of the acquisition of Aurora Production Limited

· Planned redevelopment of the Waddock Cross oil field

· The Company is progressing planning and permitting to secure consents for drilling with the target of H1 2024

Biscathorpe

· A Planning Hearing was held on 11 October 2022 and the Inspector's decision is awaited

· Preparations for drilling in H2 2023 would follow from a successful planning appeal

North Kelsey

· Egdon submitted a planning appeal in August 2022 and we have been informed that the appeal will be held as a Hearing with the detailed timing awaited from the Planning Inspectorate

Resolution and Endeavour (P1929 and P2304)

· Shell has completed its withdrawal from the P1929 licence and Egdon is now operator with a 100% interest

· P2034 (Endeavour) was surrendered in November 2022

· The nearby, analogous Pensacola Prospect has discovered gas and a testing programme is underway

Updated Corporate Presentation

An updated corporate presentation, including updates as detailed above, will be made following the AGM and will be available on the Company's website at www.egdon-resources.com

Mark Abbott, Managing Director of Egdon, commented:

"Egdon continues to generate strong revenues from its UK producing assets with Wressle being the standout asset, performing ahead of expectations. We anticipate a further uplift in production at Wressle in the near future once the microturbines are fully commissioned and operational. We are actively progressing planning and permitting for the development of the Penistone Flags reservoir, which along with the associated gas to grid project will result in a further material uplift in production and revenues.

Elsewhere, we are progressing our plans for a drilling campaign during the next 12 to 24 months designed to further increase our production and revenue and funded from the material cash flow being generated from our existing production."

For further information please contact: 

Egdon Resources plc

Mark Abbott, Martin Durham 01256 702 292

 

Buchanan

Ben Romney, Jon Krinks 020 7466 5000

 

Nominated Adviser & Joint Broker - WH Ireland Limited

Chris Hardie, Antonio Bossi, Megan Liddell 020 7220 1666

Joint Broker & Financial Advisors - VSA Capital Limited

Andrew Monk, Andrew Raca 020 3005 5000

 

 

About Egdon

 

Egdon Resources plc (LSE: EDR) is an established UK-based energy company focused on onshore exploration and production in the UK. 

Egdon holds interests in 35 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.

 

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END
 
 
AGMGPUWUGUPWGBQ
Date   Source Headline
29th Apr 20197:00 amRNSWressle Planning Inquiry Date
15th Apr 20197:00 amRNSBoard Changes
9th Apr 20197:00 amRNSInterim Results for the Six Months Ended 31 Jan 19
9th Apr 20197:00 amRNSCPR on the Resolution Gas Discovery
28th Mar 20197:00 amRNSSprings Road-1 Reaches Total Depth
14th Mar 20197:00 amRNSPEDL 143 Transfer of Operatorship
11th Mar 20197:00 amRNSSprings Road-1 Operational Update
4th Mar 20197:00 amRNSOperations Update
20th Feb 20193:45 pmRNSCompletion of drilling operations Biscathorpe-2
15th Feb 20198:59 amRNSSprings Road Update
5th Feb 20197:00 amRNSWressle Planning Appeal
25th Jan 20197:00 amRNSGrant of Options
25th Jan 20197:00 amRNSOperations Update - Wressle Planning
22nd Jan 20198:34 amRNSCommencement of drilling at Springs Road
9th Jan 20197:00 amRNSBoard Changes
7th Jan 20191:30 pmRNSCommencement of drilling operations at Biscathorpe
6th Dec 20181:50 pmRNSCorrection: Results of Annual General Meeting
6th Dec 20181:33 pmRNSResults of Annual General Meeting
6th Dec 201811:30 amRNSBiscathorpe Update
3rd Dec 20187:00 amRNSCeres Production Update
28th Nov 20184:15 pmRNSWressle Planning Consent Refused
22nd Nov 20187:00 amRNSWressle Recommended for Approval by Planners
30th Oct 20187:00 amRNSFinal Results
4th Oct 201811:18 amRNSNotification of Results
2nd Oct 201812:49 pmRNSNotification of Major Holdings
4th Sep 20187:00 amRNSHolmwood Update
29th Aug 20189:00 amRNSOperations Update
1st Aug 20184:00 pmRNSPlanning Consent Extension Refused
30th Jul 20187:00 amRNSNotification of Major Holdings
30th Jul 20187:00 amRNSNotification of Major Holdings
30th Jul 20187:00 amRNSPetrichor increases interest in Egdon Resources
24th Jul 20187:00 amRNSHolmwood Update
5th Jul 20182:30 pmRNSWressle Update
4th Jun 20187:00 amRNSAcquisition of interest Wressle & Broughton North
17th May 20183:37 pmRNSResponse to Ministerial Statement on UK Shale Gas
14th May 20181:00 pmRNSNorth Kelsey and Biscathorpe Planning Update
1st May 20187:00 amRNSNotification of Major Holdings
27th Apr 20187:00 amRNSDirectors? Share Dealing
17th Apr 20187:00 amRNSInterim Results
12th Apr 20189:30 amRNSNotification of Interest
11th Apr 201812:08 pmRNSBoard Change
9th Apr 20181:30 pmRNSNorth Kelsey Planning Update
4th Apr 20187:00 amRNSNotification of Interim Results
3rd Apr 20187:00 amRNSFarm-out of interest in PEDL253, Biscathorpe
20th Mar 20187:00 amRNSFarm-out of interests in PEDL253, Biscathorpe
5th Mar 20187:00 amRNSFarmout of interests in PEDL253 Biscathorpe
22nd Feb 20187:00 amRNSEA to award environmental permit for Holmwood well
7th Feb 20184:08 pmRNSNotification of Major Holdings
18th Jan 20187:00 amRNSWressle Forward Plan
5th Jan 20184:40 pmRNSSecond Price Monitoring Extn

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