Report

Egdon Resources - Wressle continues to deliver

Egdon Resources’ Wressle-1 well continues to produce above expectation, delivering 760–800bopd (228–240bopd net) during the six months to end January 2022. This high rate, combined with high commodity prices, has driven a 500% increase in revenues to £2.55m for the period, up from £0.42m in H121, and has made Egdon profitable for the first time since H111. With cash of £2.08m, the company says it is funded for near-term committed activities. Egdon will now look to increase Wressle production further. Other onshore drilling projects have been held up by planning permission refusals, while the UK government’s request to review shale gas extraction could bring the company’s shale assets back into play. Progress offshore has been affected by Shell’s withdrawal from the licences holding the Resolution and Endeavour gas discoveries. Egdon’s share price has performed strongly over the last six months, peaking at 4.2p/share in April and falling back over the last month.
Underlying
Egdon Resources PLC

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.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Sanjeev Bahl

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