1st Oct 2019 13:49
(Alliance News) - Egdon Resources PLC said Thursday its overall production rose in its recently ended financial year, in-line with guidance.
For the year to the end of July, the oil & gas firm's net production from the Ceres gas field in the North Sea, Keddington oil field in Yorkshire and Fiskerton Airfield in Lincolnshire came up to an average of 182 barrels of oil equivalent per day, up from 70 boepd the year before.
The initial guidance for the first half of its current financial year ending July 31, 2020 stands at 170 to 180 barrels of oil equivalent per day.
Looking ahead, Egdon said the Wressle oil development in Lincolnshire has potential to add 150 barrels of oil per day, but the company's development proposals were refused planning consent in November 2018 with the refusal appealed by Egdon in February.
The public inquiry in respect of the appeal will be held between November 5 and 13. As a result of this event, Edgon has delayed the publication of its annual results to November 19.
At the inquiry, North Lincolnshire Council will not present evidence as it has withdrawn its case following the agreement of acceptable planning conditions in August. A decision on the appeal is expected to be made around the turn of the year.
Shares in Edgon Resources were down 6.7% at 4.90 pence on Tuesday.
By Dayo Laniyan; [email protected]
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