Egdon Release Interim Results for the Six Months Ended 31 January 2022
Egdon Resources plc (AIM: EDR), today announces its unaudited results for the six months ended 31 January 2022 (“the period”).
Overview and Highlights
Operational and Corporate
- Production during the period increased by 156% to 43,420 barrels of oil equivalent (“boe”) equating to 205 boe per day (“boepd”) (H1 2021: 16,928 boe and 92 boepd)
- Wressle production has significantly exceeded the original 500 barrels of oil per day (“bopd”) expectation and is currently producing at permit constrained rates of 760-800 bopd following upgrades to the production facilities
- Egdon has assumed the operatorship, increased its equity to 40% and agreed an extension to 20 March 2024 in PEDL343 which contains the Cloughton gas discovery
- Planning permission was refused for the drilling of a side-track well, testing and long-term production at the Biscathorpe project
Financial Performance
- Oil and gas revenues increased by 500% during the period to £2.551 million (H1 2021: £0.424 million) as a result of significantly increased production and strengthening commodity prices
- Profit before impairments/write backs of £0.715 million (H1 2021: loss of £0.763 million)
- Overall profit for the period of £1.222 million including £0.507 million write-back (H1 2021: loss of £1.039 million including £0.276 million of impairments)
- Cash and cash equivalents of £2.084 million (H1 2021: £2.422 million and 31 July 2021: £
- Net current assets as at 31 January 2022 of £1.165 million, which includes UJO debt of £1.07 million and £0.417 million deferred consideration for Wressle (31 January 2021: net current liability of £0.126 million, which includes liability for £0.962 million convertible loan and £0.417 million deferred consideration for Wressle)
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