Egdon Resources Announces Quarterly Financial Update and Loan Repayment

Source: 5/26/2022, Location: Europe

Egdon Resources plc (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 £1 million loan.


- Revenue for the three-month period from February to April 2022 was £2.23 million (2021: £0.31 million and H1 2022: £2.55million).

- 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 £1 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 £0.417 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 £2.73 million (31 January 2022: £2.08 million) and net current assets of £2.76 million (31 January 2022: £1.16 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.”

Netherlands/Holland >>  7/6/2022 - The independent energy firm Parkmead is happy to share the following trading update regarding the operation of its Dutch gas assets for the year end...
United Kingdom >>  7/6/2022 - Getech, a provider of renewable hydrogen and geoenergy, has won new business worth $2.15 million. These include the selling of geoscience data as well...

Norway >>  7/5/2022 - Electromagnetic Geoservices ASA ("EMGS") is pleased to announce that the Company has secured approximately USD 3.8 million in revenue from uplifts r...
United Kingdom >>  7/5/2022 - NextEnergy Solar Fund, the specialist renewable energy investment company, is pleased to announce it has signed a two-year extension to its existing £...

United Kingdom >>  7/5/2022 - Mast Energy Developments Plc, the UK-based multi-asset owner and operator in the rapidly growing Reserve Power market is pleased to announce an update...
Canada >>  7/4/2022 - Pine Cliff Energy Ltd. has repaid in full, all term debt and insider debt as of June 30, 2022. Pine Cliff is one of the first Canadian public oil and ...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.