Egdon Resources Announces Quarterly Financial Update and Loan Repayment

Source: www.gulfoilandgas.com 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.

Revenues

- 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.”


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