Unlevered UK shale play

Post the fund-raise, Egdon has zero debt and cash of c £7.0m, making it the largest unlevered UK-listed shale play. Licences span over 200,000 net acres with an ERCE estimated undiscovered gas initially in place (GIIP Pmean) of 48tcf. Our valuation is adjusted for placing proceeds and associated NAV/share dilution; this is offset by inclusion of 14th round licence awards. Our valuation is broken down in to 3.7p/share for core 2P value (including cash and net of G&A) and 18.5p/share for contingent resource and risked exploration. We also include an indicative dollars per acre shale valuation of 25.7p/share.