3 Dec 2018 07:00
3 December 2018
EGDON RESOURCES PLC
("Egdon" or "the Company")
Ceres Production Update
Egdon Resources plc (AIM:EDR), is pleased to announce that net Egdon gas production from the Ceres field, including back-out gas, during November averaged 1.16 million cubic feet of gas per day (193 barrels of oil equivalent per day). This is the first full month of production following the successful installation of a new flowmeter in October and is in line with forecasts.
As a result the company expects gas sales net to Egdon for November to be in excess of £235,000.
This figure does not include the sales of approximately 17 barrels per day of condensate in the period.
Egdon holds a 10% interest in the Spirit Energy operated Ceres gas field in the Southern North Sea.
Mark Abbott, Managing Director of Egdon Resources plc, said:
"We are pleased to report this production update from Ceres which represents a material step up in both production and cash flow for Egdon. 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."
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter/Nick Tulloch (Corporate Finance) 020 7894 7000
Caspar Shand Kydd (Sales)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.
Egdon holds interests in 44 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.
Qualified Person Review
In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, this release has been reviewed by Mark Abbott, Managing Director of Egdon, who is a geoscientist with over 30 years' experience and is a member of the Petroleum Exploration Society of Great Britain and a Fellow of the Geological Society. Mr Abbott has consented to the inclusion of the technical information in this release in the form and context in which it appears.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.