Egdon Resources plc has repaid the £1 million facility loan to Union Jack Oil plc and recorded £2m revenue from its onshore oil projects.
FINANCES
The company’s unaudited report for Q3 of its financial year (February to April 2022) showed revenue of £2.23m (2021: £0.31m and H1 2022: £2.55m).
Egdon said that revenue was primarily from the Wressle and Ceres fields.
On 25 May 2022, the company also repaid the £1m commercial loan facility to Union Jack Oil plc along with accrued interest.
During March 2022, Egdon paid the £0.417 million deferred cash consideration for the additional 5% interest in PEDL180 and PEDL182 (Wressle) acquired from Celtique Energie Petroleum Ltd during June 2018.
Taking into account the repayment of the loan, on 1 May 2022 the company held unaudited cash and cash equivalents of £2.73 million (31 January 2022: £2.08m) and net current assets of £2.76m (31 January 2022: £1.16m).
TRANSFORMATIONAL
“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,” said managing director Mark Abbott.
“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.”