Egdon Resources - Wressle development robust at current prices

Egdon has provided an update on its Wressle development in north Lincolnshire. Given the current macroeconomic environment, the company has updated its economic model. Management estimates that the project is still economically robust at the current oil price with an NPV10 break-even Brent price of $17.62/bbl. This is broadly in line with our own analysis using company guidance. First oil remains on track for H220 and the forward development plan comprises a number of key stages, with progress to date on discharging the planning conditions, finalising designs, tendering and procurement of materials, equipment and services and finalising all health, safety and environmental (HSE) documentation and procedures.