Egdon Resources H1 production and revenues rise

20th Mar 2023 10:44

(Sharecast News) - British energy company Egdon Resources said on Monday that production and revenues had both grown over the six months ended 31 January.

Egdon stated interim production was up 27% to 46,465 barrels of oil equivalent, equating to a rate of 253 barrels of oil per day - ahead of full-year guidance of 225-245 barrels per day.

Unaudited revenues rose 46% to £3.72m as the company continued to make "good progress" across its conventional assets and delivered on its near-term operational objectives.

Production was said to be "strong", particularly from its Wressle asset, where it also progressed with a gas utilisation and monetisation scheme through the installation of micro-turbines - which will eliminate routine on site diesel generation.

Managing director Mark Abbott said: "We continue to generate material revenues from the strong performance of our UK producing assets. This has led to a strengthening of the balance sheet to support the planned 2023-24 operational programme.

"With the business in good health, I look forward to providing shareholders with a more detailed update on the company's financial and operational performance on 24 April."

As of 1045 GMT, Egdon shares were down 3.46% at 2.51p.

Reporting by Iain Gilbert at Sharecast.com