Final Results for the Year Ended 31 July 2017

31 October 2017

Egdon Resources plc (AIM: EDR), a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, today announces its audited results for the year ended 31 July 2017.

Operational and Corporate Highlights

  • Successful placing and open offer to raise £5.06 million before costs in November 2016
  • Planning consent granted to operator IGas to drill up to two exploratory wells at Springs Road, North Nottinghamshire (Egdon 14.5% interest) – Egdon is carried on these initial wells
    • ERC Equipoise reported an independent assessment of the undiscovered gas initially in place (“GIIP”) in ten previously unassessed licences resulting in a total mean volume of 50.9 trillion cubic feet (“TCF”) of gas net to the Company
    • Issue of the Wressle Environmental Permit variations. Submission of the appeals against the January and July planning refusals which have been co-joined and will be considered at an appeal hearing in November 2017
    • Acquisition of additional interests in PEDL068, PEDL201, PEDL306 and PEDL334
    • Acquisition of a 50% interest in PEDL278 containing the Kirk Smeaton tight gas discovery and further unconventional resources potential
    • Acquisition of an additional 12% interest in PEDL209 (deep) and signature of a new option agreement with Total which, if exercised, includes a carried work programme valued at up to £4.85 million to Egdon
    • Acquisition of the Fiskerton Airfield producing oil field (EXL294) in the East Midlands for a cash consideration of US$750,000
    • Completion of the Company’s exit from France

Financial Highlights

  • Oil and gas revenues during the period of £1.04 million (2016: £1.59 million)
  • Loss for the period of £1.70 million for the year ended 31 July 2017 after net write downs and impairments of £0.19 million (2016: loss of £2.69 million after net write downs and impairments of £0.72 million)
  • Basic loss per share of 0.68p (31 July 2016: basic loss per share of 1.21p)
  • Cash at bank of £6.06 million as at 31 July 2017 (31 July 2016: £2.68 million)
  • Net current assets as at 31 July 2017 of £6.40 million (31 July 2016: £4.18 million)
  • Net assets as at 31 July 2017 of £32.70 million (31 July 2016: £29.43 million)

Commenting on the results, Philip Stephens, Chairman of Egdon said;

In a period of further progress, we were pleased to complete an equity cash raising of £5.06 million in November 2016, which has significantly strengthened our balance sheet. An independent evaluation of the net gas in place for our unconventional resources has given a figure of 50.9 TCF, which shows an increase of 180% over the estimate made two years ago.  Our conventional resources portfolio contains a number of very attractive prospects, the value of which we are looking to progress in the next 12 to 18 months.

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