Egdon Resources PLC Quarterly Financial Update and Loan Repayment (8302M)
26 Mayo 2022 - 1:00AM
UK Regulatory
TIDMEDR
RNS Number : 8302M
Egdon Resources PLC
26 May 2022
26 May 2022
EGDON RESOURCES PLC
("Egdon" or "the Company")
Quarterly Financial Update and Loan Repayment
Egdon Resources plc (AIM:EDR) a UK focused energy company, is
pleased to provide an unaudited financial update for the third
quarter of the Company's financial year (February to April 2022)
and to advise the repayment of a GBP1 million loan.
Revenues
-- Revenue for the three-month period from February to April
2022 was GBP2.23 million (2021: GBP0.31 million and H1 2022:
GBP2.55million).
-- Revenue was primarily from the Wressle and Ceres fields, with
average realised oil prices during the period February to April
2022 of $106.67 per barrel of oil ("bbl") (February to April 2021:
$62.43/bbl) and averaged realised gas prices of 217p per therm
($149 per barrel of oil equivalent ("boe") (February to April 2021:
45p/therm ($44/boe)).
Loan Repayment
-- On 25 May 2022 the GBP1 million commercial loan facility (the
"Loan") was repaid to Union Jack Oil PLC along with accrued
interest as per the agreed terms.
Wressle Deferred Consideration
-- As advised in the Company's interim results (26 April 2022),
during March 2022, Egdon paid the GBP0.417 million deferred cash
consideration for the additional 5% interest in PEDL180 and PEDL182
(Wressle) which was acquired from Celtique Energie Petroleum
Limited during June 2018.
Net Current Assets
-- Accounting for repayment of the Loan, on 1 May 2022 the
Company held unaudited cash and cash equivalents of GBP2.73 million
(31 January 2022: GBP2.08 million) and net current assets of
GBP2.76 million (31 January 2022: GBP1.16 million).
Commenting, Mark Abbott, Managing Director of Egdon Resources
plc, said:
"I am pleased to report that continuing strong production from
Wressle and Ceres coupled with high oil and gas prices have
translated into a robust year to date financial performance for
Egdon. The material cash flow generated has been transformational,
enabling the Company to become debt free and funded for all
near-term commitments in parallel with considering further growth
opportunities."
For further information please contact:
Egdon Resources plc
Mark Abbott, Martin Durham 01256 702 292
Buchanan
Ben Romney, Jon Krinks 020 7466 5000
Nominated Adviser & Joint Broker - WH Ireland Limited
Chris Hardie, Megan Liddell 020 7220 1666
Joint Broker & Financial Advisors - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
About Egdon
Egdon Resources plc (LSE: EDR) is an established UK-based energy
company focused on onshore exploration and production in the
UK.
Egdon holds interests in 37 licences in the UK and has an active
programme of exploration, appraisal and development within its
portfolio of oil and gas assets. Egdon is an approved operator in
the UK. Egdon was formed in 1997 and listed on AIM in December
2004.
Qualified Person Review
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, this release has been reviewed by Mark Abbott,
Managing Director of Egdon, who is a geoscientist with over 30
years' experience and is a member of the Petroleum Exploration
Society of Great Britain and a Fellow of the Geological Society. Mr
Abbott has consented to the inclusion of the technical information
in this release in the form and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
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END
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