TIDMEDR
RNS Number : 9005M
Egdon Resources PLC
17 January 2023
17 January 2023
EGDON RESOURCES PLC
("Egdon" or "the Company")
AGM Business Update
Egdon Resources plc (AIM:EDR) the UK Energy Company is pleased
to provide the following business update ahead of its Annual
General Meeting ("AGM"). The AGM will be held at the offices of
Norton Rose Fulbright, 3 More London Riverside, London, SE1 2AQ at
11.30 am today.
Revenue
The Company's revenue continue to be strong with unaudited
revenue for the five-month period from August to December 2022 of
GBP3.08 million (2021: GBP2.07 million).
Operations
Progress is being made across Egdon's entire portfolio of
assets, highlights include:
Wressle
-- Cumulative oil production of more than 341,100 barrels to 12 January 2023, with no water
-- Current daily production rate of approximately 825-850
barrels of oil per day ("bopd"), however, a daily rate of in excess
of 1,000 bopd was achieved in late December 2022, following a four
day shut-down
-- Three microturbines have been delivered to site and
installation and commissioning is ongoing
-- The microturbines will generate all site electricity and are
expected to enable up to a 20% uplift in oil production
-- 3D seismic reprocessing completed and new field
interpretation being finalised to confirm final target locations
for future appraisal and development drilling
-- New Competent Persons Report to be commissioned incorporating
the new field interpretation and exceptional production
performance
-- Planning and permitting process for Penistone Flags development has commenced
-- Drilling of a Penistone Flags development well is planned for
H2 2023, subject to receipt of regulatory and planning consents
-- Progressing gas to wire, and gas export options to generate
further revenue streams and to eliminate gas incineration at
Wressle
Keddington
-- Reprocessing of existing 3D seismic data currently being
finalised to inform final sub-surface location for a side-track
well to target around 160,000 barrels of incremental oil
production
-- Planning consent and permits in place to enable drilling during H2 2023
Avington
-- All planning conditions have been discharged and the operator
is planning to restart production during H1 2023
-- Egdon will increase its interest in the field to 36.33% on
completion of the acquisition of Aurora Production Limited
Waddock Cross
-- Egdon will increase its interest in the field to 73.75% on
completion of the acquisition of Aurora Production Limited
-- Planned redevelopment of the Waddock Cross oil field
-- The Company is progressing planning and permitting to secure
consents for drilling with the target of H1 2024
Biscathorpe
-- A Planning Hearing was held on 11 October 2022 and the Inspector's decision is awaited
-- Preparations for drilling in H2 2023 would follow from a successful planning appeal
North Kelsey
-- Egdon submitted a planning appeal in August 2022 and we have
been informed that the appeal will be held as a Hearing with the
detailed timing awaited from the Planning Inspectorate
Resolution and Endeavour (P1929 and P2304)
-- Shell has completed its withdrawal from the P1929 licence and
Egdon is now operator with a 100% interest
-- P2034 (Endeavour) was surrendered in November 2022
-- The nearby, analogous Pensacola Prospect has discovered gas
and a testing programme is underway
Updated Corporate Presentation
An updated corporate presentation, including updates as detailed
above, will be made following the AGM and will be available on the
Company's website at www.egdon-resources.com
Mark Abbott, Managing Director of Egdon, commented:
"Egdon continues to generate strong revenues from its UK
producing assets with Wressle being the standout asset, performing
ahead of expectations. We anticipate a further uplift in production
at Wressle in the near future once the microturbines are fully
commissioned and operational. We are actively progressing planning
and permitting for the development of the Penistone Flags
reservoir, which along with the associated gas to grid project will
result in a further material uplift in production and revenues.
Elsewhere, we are progressing our plans for a drilling campaign
during the next 12 to 24 months designed to further increase our
production and revenue and funded from the material cash flow being
generated from our existing production."
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, Antonio Bossi, Megan Liddell 020 7220 1666
Joint Broker & Financial Advisors - VSA Capital Limited
Andrew Monk, Andrew Raca 020 3005 5000
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 35 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.
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