Egdon Resources sees production pick up at Ceres following flowmeter installation

Egdon Resources saw gas production hit 1.16m cubic feet at its Ceres asset in the North Sea last month - the project's first full production month following the installation of a new flowmeter in October.

As a result of the asset's solid performance during November, the AIM-listed firm now expects to net £235,000 in gas sales on the back of its 10% interest in the Spirit operated Ceres project - not including the sales of approximately 17 barrels per day of condensate during the month.

Managing director Mark Abbott, said: "We are pleased to report this production update from Ceres which represents a material step up in both production and cash flow for Egdon."

"The production from Ceres defines our strategy of maintaining a balanced portfolio of conventional production whilst also progressing our conventional exploration activity and our material unconventional acreage position."

As of 1030 GMT, Egdon shares had taken off 12.44% to 7.59p.