Update: UK shale gas in the spotlight in 2015
We see a positive year ahead for Egdon’s UK shale-gas business, with catalysts in place for 2015 offering the potential to advance the sector towards commercially viable status. If achieved, this could make our tentative valuation of Egdon’s shale gas portfolio increasingly feasible. Beyond shale, Egdon’s conventional exploration activities look set to gather pace in 2015, with its Wressle discovery to be tested in January and three exploration wells scheduled to be drilled during the year (Laughton, North Kelsey and Kiln Lane). We see the shares as pricing in little of the opportunity in UK shale, with our standalone 24p/share (RENAV) valuation of Egdon’s conventional business sitting considerably higher than the current share price.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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