Growing unconventional resource base
Egdon has announced results for FY16 and a £3m placing with Heyco International at 13.5p/share. A £2m open offer has also been announced on the same terms as the Heyco placing. Proceeds are to be used to: 1) progress 14th Licensing Round evaluations; 2) progress the ‘A’ prospect to drillable status; 3) invest in producing assets and conventional exploration; and 4) invest in new opportunities. Egdon’s balance sheet strength and growing unconventional gas position (ERCE 48tcf mean undiscovered GIIP net) set it apart from its UK shale peers.Egdon Resources is an onshore U.K. focused oil and gas exploration and production business. As of Jul 31 2017, Co. had net proven plus probable oil reserves of 0.6 million barrels and net proven plus probable gas reserves of 1.18 billion cubic feet.
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