4th Mar 2019 14:37
LONDON (Alliance News) - Egdon Resources PLC on Monday reported increased production in the first half of the financial year at an average of 164 barrels of oil equivalent per day.
Egdon shares were trading up 9.8% at 7.30 pence each on Monday afternoon.
For the six months to January 31, Egdon said production from the Ceres gas field, offshore UK, and the Keddington and Fiskerton Airfield oil fields, onshore UK, was 30,026 boe, higher than 17,962 boe in the comparative period a year ago.
Production recommenced from the Ceres well in late October 2018 following installation of a new flow meter.
In January, Egdon's total production was 238 boepd, reflecting the increased Ceres gas flow.
Managing Director Mark Abbott said: "I am pleased to report the positive impact of Ceres on our production and cash flow during the period and we look forward to continuing strong production from the field for the rest of the financial year and beyond."
Egdon will publish its interim results on April 9.
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