26 Feb 2020 07:00
26 February 2020
EGDON RESOURCES PLC
("Egdon" or "the Company")
H1 2020 Production Update and Notice of Interim Results
Egdon Resources plc (AIM:EDR) is pleased to provide an update on production for the first half of the Company's 2019-2020 financial year ("H1 2020" or "the Period") which ended on 31 January 2020.
Production during the Period was 32,758 barrels of oil equivalent ("boe"), at an average of 178 boe per day ("boepd") (H1 2019: 30,026 boe, 164 boepd). This is in line with previous guidance for H1 of 170-180 b/d. The previously stated guidance of 130-140 boepd for the full year remains valid. Production was attained from the Ceres gas field and the Keddington and Fiskerton Airfield oil fields.
The Company's interim results for H1 2020 are scheduled to be announced on 21 April 2020.
Commenting on the update, Mark Abbott, Managing Director of Egdon Resources plc, said:
"2020 has started positively for Egdon, with continued strong production across our portfolio, a positive outcome to the Wressle planning inquiry and the announcement of a farm-in by Shell U.K. Limited into our offshore Resolution and Endeavour projects.
Our current focus is on the Wressle field development, where we are working to discharge the planning conditions ahead of commencing site works. We will provide shareholders with a detailed update on Wressle and the Biscathorpe project following Joint Venture meetings in the coming weeks."
For further information please contact:
Egdon Resources plc
Mark Abbott / Martin Durham 01256 702 292
Buchanan
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser and Joint Broker - Cantor Fitzgerald Europe
David Porter/ Rick Thompson (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.