26th Apr 2016 10:23
LONDON (Alliance News) - UK-focused oil and gas company Egdon Resources PLC on Tuesday said its pretax loss widened in the first half on lower net revenue and higher depreciation costs.
Egdon said its pretax loss for the half to the end of January was GBP2.0 million, compared with GBP1.7 million a year earlier. The loss was driven by impairments on its Waddock Cross project and the revaluation of accrued income from the Ceres project.
Net revenue fell to GBP709,000 from GBP909,000, though gross revenue in the half was up to GBP1.0 million from GBP909,000. Production increased to 37,543 barrels of oil equivalent in the half, from 27,232 barrels a year earlier.
Egdon's focus is now on the Wressle field development in Lincolnshire and it is currently finalising all consent submissions for the project. First production is anticipated for later in 2016, subject to approvals being secured.
Egdon shares were up 6.6% to 7.72 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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