Egdon Resources plc reported a rise in production and revenue mainly from its operations at the joint venture Wressle oil field in North Lincolnshire.
FINANCES
The company’s summary unaudited trading report for six months ending 31 January 2023 showed revenue increased by 46% to £3.725 million (H1 2022: £2.551m).
As at 31 January 2023, Egdon had cash and cash equivalents of £5.524m (H1 2022: £2.084m) and net current assets of £7.334m (H1 2022: £1.165m).
PRODUCTION
Production rose by 27% to 46,465 barrels of oil equivalent equating to a rate of 253 boe per day (H1 2022: 36,714 boe and 200 boepd).
Full year guidance is 225-245 boepd.
OPERATIONS
Egdon added that work continued on the gas-to-wire project at Wressle where the company has installed the microturbines to eliminate routine on-site diesel generation.
The company plans to submit permitting applications for further development at the site and to finalise a programme of drilling in exploration and development/redevelopment projects for 2023-24.
The Wressle JV on PEDL180 and PEDL182 comprises Egdon as operator (30%), Union Jack Oil plc (40%) and Europa Oil & Gas (Holdings) plc (30%).