Egdon Resources - Year-end revenue up by more than 530%

Production from Egdon Resources’ Wressle-1 well continues to exceed forecast expectations, delivering an average gross rate of 656bopd (197bopd net) in the year ending July 2022. This high rate, combined with high commodity prices, has driven a 530% increase in revenues to £6.91m for the period, up from £1.09m in 2021. With cash of £4.8m, Egdon says it is funded for near-term committed activities. It will now look to increase Wressle production further. Onshore drilling projects have been held up by planning permission refusals, while the UK government’s stance on shale gas extraction has created uncertainty. Progress offshore has been affected by Shell’s withdrawal from the licences holding the Resolution and Endeavour gas discoveries and Egdon must carry out a 3D seismic survey across the P1929 licence by April 2023 to maintain its licence.