20 Mar 2023 07:00
20 March 2023
EGDON RESOURCES PLC
("Egdon" or "the Company")
Interim Period Trading Statement
Ahead of the release of the Company's interim results on 24 April 2023, Egdon Resources plc (AIM:EDR), the UK Energy Company, is pleased to provide a summary trading update in relation to the six months period ending 31 January 2023 (the "Interim Period").
· Production for the Interim Period was up by 27% to 46,465 barrels of oil equivalent ("boe") equating to a rate of 253 boe per day ("boepd"), ahead of full-year guidance of 225-245 boepd (H1 2022: 36,714 boe and 200 boepd)
· Unaudited revenue for the Interim Period was up 46% to £3.725 million (H1 2022: £2.551 million)
· As at 31 January 2023 the Company had cash and cash equivalents of £5.524 million (H1 2022: 2.084 million) and net current assets of £7.334 million (H1 2022: 1.165 million)
The Company is continuing to make good progress across its conventional assets and particularly in relation to the near-term operational objectives set out in the 2022 annual report. Production continues to be strong, particularly from Wressle, where Egdon has also progressed with the gas utilisation and monetisation scheme through the installation of the micro-turbines - which will eliminate routine on site diesel generation - and where work is ongoing on the gas to wire project. The Company is progressing towards submitting planning and permitting for further development at Wressle and finalising a programme of drilling in our exploration and development/redevelopment projects for 2023-24. Egdon is also making good progress on a potentially material renewable energy, green hydrogen and energy storage project.
Commenting on the trading update, Mark Abbott, Managing Director of Egdon, said:
"We continue to generate material revenues from the strong performance of our UK producing assets. This has led to a strengthening of the balance sheet to support the planned 2023-24 operational programme.
With the business in good health, I look forward to providing shareholders with a more detailed update on the Company's financial and operational performance on the 24thApril."
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
Antonio Bossi, Chris Hardie, James Bavister 020 7220 1666
Joint Broker & Financial Advisors - VSA Capital Limited
Andrew Monk, Andrew Raca 020 3005 5000
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), as amended, and is disclosed in accordance with the Company's obligations under Article 17 of MAR
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.