6th Nov 2013 10:42
LONDON (Alliance News) - Egdon Resources PLC Wednesday said its pretax loss narrowed significantly in its full-year as production increased 75%.
The UK-based hydrocarbon exploration and production company said its pretax loss narrowed to GBP717,592 for the twelve months ended July 31 from GBP2.9 million the previous year.
The company said its sales increased 27% to GBP3.3 million from GBP2.6 million as production ramped up across the company's operations and its total cost of sales fell 29% to GBP3.6 million from GBP5.1 million.
Egdon said its attributable production increased 75% to 79,947 barrels of oil equivalent from 45,656 barrels of oil equivalent as the company's Ceres gas field had strong production from November 2012 until its planned maintenance shut-down in July and its Avington oil field continued to produce at levels above expectation.
The company also noted that its 2012 figures included a large impairment charge of GBP3.2 million which skewed some of the figures.
Egdon shares were up 3.0% to 8.62 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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