26th Feb 2020 11:18
(Alliance News) - Egdon Resources PLC said Wednesday production for the first half of its financial year was up compared to the prior period, as well as in line with guidance.
For the six months to the end of January, Hampshire, UK-based Egdon's production was 32,758 barrels of oil equivalent at an average of 178 barrels per day, up from 30,026 boe, or 164 barrels per day on average.
The production figure is also within its guidance range of 170 to 180 barrels per day. The previously stated guidance of 130 to 140 barrels per day for the full year remains valid.
"2020 has started positively for Egdon, with continued strong production across our portfolio, a positive outcome to the Wressle planning inquiry and the announcement of a farm-in by Shell UK Ltd into our offshore Resolution and Endeavour projects," said Managing Director Mark Abbott.
"Our current focus is on the Wressle field development, where we are working to discharge the planning conditions ahead of commencing site works. We will provide shareholders with a detailed update on Wressle and the Biscathorpe project following Joint Venture meetings in the coming weeks," Abbott added.
Edgon Resources will publish its interim results on April 21.
Shares in Edgon Resources were untraded on Wednesday, last quoted at 3.80 pence in London.
By Dayo Laniyan; [email protected]
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