Egdon Resources plc (LON:EDR), the UK Energy Company, has, ahead of the release of the Company’s interim results on 24 April 2023, provided a summary trading update in relation to the six months period ending 31 January 2023.
· 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, 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.”