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 unaudited results for the six months ended 31 January 2020 (“the Period”).  (Read more…)

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to announce that it has raised approximately £500,000 via a subscription for new shares, to be completed in two tranches. The Company has raised approximately £415,164 (the “Subscription“) through the issue of 20,758,220 new ordinary shares of 1 pence each in the Company (the “Subscription Shares“) at a price of 2p per Ordinary Share (“Issue Price“). The Subscription includes a £141,114 subscription by Petrichor Holdings Coöperatief U.A. (“Petrichor”). (Read more…)

Egdon Resources plc (AIM: EDR) provides an update on the impact of COVID-19 on the business and an update on current trading.

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Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project in Lincolnshire Licence PEDL253 where the Company holds a 44.75% operated economic interest.

Highlights

• Economic modelling indicates a financially robust project even in the current oil price environment
• The principal Westphalian target has an estimated un-risked gross NPV(10) of £55.6 million
• Break-even full-cycle economics estimated to be (NPV(10)) US$18.07 per barrel of oil
• A 57 metre oil bearing section in the Dinantian Carbonate of Biscathrope-2 represents a secondary target with potentially significant commercial upside
• Future identified drill targets are accessible via a side-track of the suspended Biscathorpe-2 well.

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Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.

Given recent events in the oil and gas markets, Egdon has updated its economic model for the Wressle project. 

This work demonstrates that the project is economically robust in the current low oil price environment with an estimated project break-even oil price of $17.62 per barrel.  (Read more…)