Egdon Resources H1 production and revenues rise

British energy company Egdon Resources said on Monday that production and revenues had both grown over the six months ended 31 January.

Egdon stated interim production was up 27% to 46,465 barrels of oil equivalent, equating to a rate of 253 barrels of oil per day - ahead of full-year guidance of 225-245 barrels per day.

Unaudited revenues rose 46% to £3.72m as the company continued to make "good progress" across its conventional assets and delivered on its near-term operational objectives.

Production was said to be "strong", particularly from its Wressle asset, where it also progressed with a gas utilisation and monetisation scheme through the installation of micro-turbines - which will eliminate routine on site diesel generation.

Managing director Mark Abbott said: "We continue to generate material revenues from the strong performance of our UK producing assets. This has led to a strengthening of the balance sheet to support the planned 2023-24 operational programme.

"With the business in good health, I look forward to providing shareholders with a more detailed update on the company's financial and operational performance on 24 April."

As of 1045 GMT, Egdon shares were down 3.46% at 2.51p.

Reporting by Iain Gilbert at Sharecast.com