TIDMEDR
RNS Number : 7620K
Egdon Resources PLC
21 April 2015
21 April 2015
EGDON RESOURCES PLC
("Egdon" or "the Group" or "the Company")
Interim Results for the Six Months Ended 31 January 2015
Egdon Resources plc (AIM:EDR), the UK-based exploration and
production company with a primary focus on the
hydrocarbon-producing basins of the onshore UK, today announces its
unaudited interim results for the six months ended 31 January
2015.
Overview and Highlights
Operational and Corporate Highlights
-- Production of 27,232 barrels of oil equivalent ("boe")
equating to 148 barrels of oil equivalent per day ("boepd") (H1
2014: 35,773 boe; 194 boepd)
-- Revised full year production guidance of 180 boepd
-- Successful drilling and testing of the Wressle-1 oil and gas
discovery in Lincolnshire which produced hydrocarbons from four
test intervals
-- Strong project pipeline developed including planning
permission secured at North Kelsey and Biscathorpe
-- Ongoing development of licence portfolio with conventional
and unconventional resource potential via the acquisition of
Yorkshire Exploration Limited (PEDL068) and exercise of the option
with Scottish Power to farm in to PL161 and PL162
-- Disposal of interests in two non-core licences in Southern England, PEDL126 and P.1916
-- Submission of applications in the 14(th) UK Onshore Licensing Round
Financial Highlights
-- Oil and gas revenues during the period of GBP0.91 million (H1 2014: GBP1.41 million)
-- Loss for the period of GBP1.74 million including losses on
disposals/farm-outs and impairments in relation to Waddock Cross,
Burton on the Wolds and Kiln Lane (H1 2014: profit of GBP0.83
million including gains on a farm-out).
-- Net current assets as at 31 January 2015 of GBP9.15 million
(H1 2014: GBP2.04 million) and cash at bank as at 31 January 2015
of GBP6.51 million (H1 2014: GBP1.17 million)
-- Strong balance sheet to deliver on work programme and strategy
Commenting on the results, Philip Stephens, Chairman of Egdon
said:
"The Company has continued to make good progress on implementing
its strategy against a backdrop of reduced oil prices. The Wressle
oil and gas discovery has been successfully drilled and tested at
rates exceeding 700 boepd combined from four intervals. We are now
working towards the early development of this discovery and expect
Wressle to add to our existing production and revenues.
We have continued the development of our Northern England
unconventional resource exploration portfolio, with the exercise of
our option on PL161 and PL162 and ongoing detailed assessment of
the acreage acquired from Alkane Energy. We have seen a further
high value farm-out deal between IGas and INEOS in recent weeks and
Egdon continues to review the best timing to introduce a suitable
funding partner into our high quality unconventional resource
acreage.
We anticipate undertaking further drilling for conventional
resources in the coming period on the back of successful planning
applications, and, subject to receipt of all necessary consents,
participation in the first exploration well for unconventional
resources in the Gainsborough Trough. Our strong balance sheet
leaves us well positioned to enable us to deliver on our
forthcoming work programme and strategy."
For further information please contact:
Egdon Resources plc
Mark Abbott, Jerry Field 01256 702 292
Buchanan
Richard Darby, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Sarah Wharry (Corporate Finance) 020 7894 7000
Richard Redmayne (Corporate Broking)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, the information contained in this announcement has
been reviewed and signed off by the Managing Director of Egdon
Resources plc, Mark Abbott, a Geoscientist with over 27 years'
experience.
Evaluation of undiscovered gas initially in place and potential
recoverable hydrocarbons has been assessed in accordance with 2007
Petroleum Resources Management System prepared by the Oil and Gas
Reserves Committee of the Society of Petroleum Engineers (SPE) and
reviewed and jointly sponsored by the World Petroleum Council
(WPC), the American Association of Petroleum Geologists (AAPG) and
the Society of Petroleum Evaluation Engineers (SPEE).
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established UK-based
exploration and production company primarily focused on onshore
exploration and production in the hydrocarbon-producing basins of
the UK.
Egdon currently holds interests in 34 licences in the UK and
France and has an active programme of exploration, appraisal and
development within its balanced portfolio of oil and gas assets.
Egdon is an approved operator in both jurisdictions.
Egdon was formed in 1997 and listed on AIM in December 2004.
Chairman's Review
Against a backdrop of lower oil prices and negative investor
sentiment for the oil and gas sector, I am pleased to be able to
report on a period of further progress for the Company.
During the period we completed the drilling of the Wressle-1 oil
and gas discovery in Lincolnshire and are highly encouraged by the
results of the testing which has demonstrated the presence of oil
and gas in four intervals. We will now work towards a pumped
production test and the early commercialisation of the
discovery.
Technical work including seismic reprocessing continues in order
to consolidate our understanding of the acreage acquired in the
Alkane Energy plc ("Alkane") transaction in June 2014. We continue
to develop our Northern England portfolio and have exercised our
option to farm-in to Licences PL161 and PL162 located in
Lincolnshire and South Yorkshire where we see potential for both
conventional and unconventional resources. We have also submitted a
number of applications in the 14th UK Onshore Licensing Round and
expect any awards later in 2015.
We continue to manage our cash resources and exposure to risk
through farm-outs and disposals of non-core assets and this will
carry on as part of the Company's strategy. For example, we
successfully negotiated the disposal of our interests in two
non-core licences in Southern England during the period.
We have been successful in gaining Planning Consent for the
drilling and subsequent testing of operated exploration wells at
Laughton, North Kelsey and Biscathorpe, all of which will be
drilled to evaluate conventional resources. Owing to the lower
capital and operating costs associated with onshore UK developments
these generally remain commercially attractive even under lower
commodity price assumptions.
We have also updated our corporate website
(www.egdon-resources.com) to provide improved information to our
stakeholders across all platforms.
Financial and Statutory Information
Revenue from oil and gas production during the period was
GBP0.91 million (H1 2014: GBP1.41 million) on production of 27,232
barrels of oil equivalent ("boe") (H1 2014: 35,773 boe). Production
during the period was 148 barrels of oil equivalent per day
("boepd"), below our November 2014 full year guidance of 195 boepd
owing to reduced production at Ceres earlier in the year resulting
from a now resolved infrastructure issue.
The fall in commodity prices has affected the profitability of
our mature producing oil assets and as a result we have shut-in the
Waddock Cross oil field for the present time due to low overall
production rates. As we expect this to remain off-line during 2015
we are issuing a revised full year production guidance of 180
boepd.
The Group recorded a loss of GBP1.74 million for the six months
ended 31 January 2015 after write downs of GBP0.13 million on
licence disposals and impairments of GBP0.62 million on Waddock
Cross, Burton on the Wolds and Kiln Lane and negative goodwill of
GBP0.07 million arising on the acquisition of Yorkshire Exploration
Limited (H1 2014: profit of GBP0.83 million; after gains on asset
transactions of GBP1.08 million).
The loss per share for the period is 0.79p (H1 2014: earnings of
0.63p).
The Group has a strong balance sheet and ended the period with
net current assets of GBP9.15 million (H1 2014: GBP2.04 million)
and GBP6.51 million of cash and cash equivalents (H1 2014: GBP1.17
million).
Strategy
We continue to focus on three key near-term strategic objectives
to drive shareholder value;
-- UK Unconventional Resources - growing the value of
exploration opportunities in Northern England.
-- Conventional Resources Exploration and Appraisal - adding
additional reserves/revenues through an active drilling programme
whilst managing risk and financial exposure through farm-out
transactions
-- Production - a continued focus on maximising production rates
and revenues from existing producing assets through targeted
investment.
UK Onshore
In March 2015, the UK government passed The Infrastructure Act
removing considerable regulatory uncertainty regarding sub-surface
access for directional and horizontal drilling and enhancing an
already strong and workable regulatory regime. The reduction in the
supplementary charge by 10%, from 30% to 20%, in the recent budget
is also welcomed.
We now any expect awards from the 14th UK Onshore Licensing
Round sometime after the forthcoming UK parliamentary elections.
Egdon was a participant in the licensing round both as operator and
non-operator in strong bidding groups.
UK Unconventional Resources
In 2013, the British Geological Survey ("BGS") published its
initial assessment of potential for unconventional gas within the
Bowland Shale of Northern England. The central case estimated a
total of 1329 trillion cubic feet ("TCF") of gas in place, a
substantial potential resource. Egdon have developed a strong
licence position in the Gainsborough Trough, an area of high
potential identified by the BGS. The acquisition of licences from
Alkane in May 2014 further enhanced this position. The Company has
previously reported assessed prospective unconventional resource
acreage totalling 140,176 net acres with estimated mean
undiscovered gas initially in place ("GIIP") of approximately 28
trillion cubic feet ("TCF") of gas. Our provisional assessment of
prospective unconventional resources equates to c. 377 mmboe.
Egdon holds the second largest UK unconventional resources
acreage position of all publically quoted companies. Much of this
acreage is 100% owned and, in line with our stated strategy, we
expect to introduce a funding partner or partners into our Northern
England licensed acreage at the appropriate time.
We have confidence that the investment case for unconventional
resource exploration in the UK remains strong. This view is
supported by the high level of industry interest in the 14th Round
and the recent INEOS farm-in deal with IGas. INEOS' investment
programme brings the value of UK unconventional resource farm-ins
to a total of GBP260m in carried expenditure and GBP80m in cash
consideration to date.
Egdon's joint venture partner and operator of PEDL139/140, IGas,
has identified a location for the drilling of the first deep
exploration well in the Gainsborough Trough. IGas has commenced
planning consultations prior to the submission of a planning
application. Total will carry Egdon's costs on this well as part of
the deal originally announced in January 2014. The PEDL139/140
partnership is targeting the spud of the well around the turn of
the year subject to receipt of all necessary planning and other
permissions.
Egdon exercised the option in its Exploration Option and Farm-in
Agreement with Scottish Power to farm-in to UK onshore production
licences PL161 and PL162 located in Lincolnshire and South
Yorkshire (adjacent to PEDL139/140 and PEDL209). We have identified
a lead with conventional resource potential which if confirmed by a
new infill seismic programme planned for H2 2015, will probably
form the target for the commitment well required under the terms of
this deal.
Technical work including seismic reprocessing is continuing in
order to consolidate our understanding of the acreage acquired in
the Alkane transaction in June 2014.
Conventional Resources Exploration and Appraisal
There is significant potential for growth via an active
exploration and appraisal drilling programme from our existing
exploration portfolio where the best estimate of our contingent and
prospective conventional resources in the UK and France is c.255
mmboe.
Exploration drilling activity will again be focused in Northern
England during 2015-16 with exploration wells at Laughton, North
Kelsey and Biscathorpe forming the next phase of our planned
drilling programme. These exploration wells will target (net to
Egdon) Best Estimate Prospective Resources of 10.8 million barrels
of oil. We received planning approval for North Kelsey-1 in
December 2014 and for Biscathorpe-2 in March 2015. All wells have
restricted drilling windows under their respective planning
conditions which mean that we currently expect to commence the next
drilling programme in October 2015 starting with the Laughton-1
well.
A key focus for the Company during the coming period will be the
"A" Prospect in UK offshore licence P.1929 (Egdon 100%), located
adjacent to the North Yorkshire coast. Egdon's initial evaluation
of this 1966 gas discovery indicates the potential to contain Best
Estimate Contingent Resources of 150 billion cubic feet ("BCF") of
gas. We are progressing plans to drill a well from an onshore
location to appraise the discovery. We plan to farm-out this well
with a view to drilling in 2016.
In Southern England, our focus is in the Wessex Basin of Dorset
where a 3D seismic survey was acquired in September-October 2013
over the main prospective trend. Interpretation of this data volume
continues with a view to identifying a target during the coming
period for potential drilling.
A part of Egdon's strategy of focusing on fewer,
higher-potential projects is to exit non-core licences and areas.
In line with this, during the period we sold our minority
non-operated interests in licences P.1916 and PEDL126 receiving
nominal consideration however reducing our exposure to the
potential future abandonment of Markwells Wood-1. Equally, while
theregulatory regime in France remains challenging,we will continue
to review our position in the country, adopting a hold and wait
strategy at the current time. Exiting non-core areas allows
management time and financial resources to be concentrated on the
higher potential areas.
Outlook
We are eagerly anticipating the spud of the first unconventional
resource exploration well in the Gainsborough Trough around the
turn of the year. This carried well will be Egdon's first
involvement in such a well which, along with other UK drilling
activity, should provide important information towards de-risking
and re-valuing the unconventional resource potential in our acreage
portfolio.
We now expect production for the full year to 31 July 2015 to
amount to 180 boepd from the Ceres, Keddington, and Avington
fields. We will look to accelerate our plans for production and
commercialisation of the Wressle-1 discovery during the coming
period and will hope to replicate this exploration success in our
planned drilling programme during 2015-16 comprising the
Laughton-1, North Kelsey-1, and Biscathorpe-2 exploration wells, as
well as the high potential (c. 150 BCF) "A" Prospect offshore North
Yorkshire (subject to planning and funding/farm-out). As a result
of various planning restrictions, this programme is now expected to
commence in October 2015.
We continue to carefully manage our cash resources and exposure
to risk through farm-outs and disposals of non-core assets. We will
continue the process of refocussing on fewer higher potential
projects over the coming period and as always will continue to
review opportunities to develop further shareholder value in the
Company.
We believe that the fundamentals of the business remain strong
with the Company holding a range of assets with excellent potential
for both conventional and unconventional resources and a strong
cash position allowing us to deliver on our strategy.
Finally, and as ever, I would like to acknowledge the continuing
efforts of our hardworking and professional team.
Philip Stephens
Chairman
21 April 2015
EGDON RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 January 2015
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31-Jan-15 31-Jan-14 31-Jul-14
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 909 1,410 2,957
------------------------------------------- ------------ ------------ -----------
Cost of sales - exploration costs written
off and pre-licence costs, including
impairment charge (1,069) (34) (869)
Cost of sales - depreciation & other (1,115) (1,240) (2,852)
Total cost of sales (2,184) (1,274) (3,721)
Gross (loss)/profit (1,275) 136 (764)
Administrative expenses (525) (383) (832)
Other operating income 114 61 141
(Loss)/profit from licence transactions
- note 2 (128) 1,083 1,083
Negative goodwill - note 3 72 - -
(1,742) 897 (372)
Finance income 16 1 1
Finance costs (11) (64) (85)
(Loss)/profit before taxation (1,737) 834 (456)
Taxation - - -
(Loss)/profit for the period (1,737) 834 (456)
------------------------------------------- ------------ ------------ -----------
Other comprehensive income for the period - - -
Total comprehensive income for the period
attributable to equity holders of the
parent (1,737) 834 (456)
------------------------------------------- ------------ ------------ -----------
(Loss)/earnings per share - note 4
Basic (loss)/earnings per share (0.79)p 0.63p (0.30)p
Diluted (loss)/earnings per share (0.79)p 0.63p (0.30)p
------------------------------------------- ------------ ------------ -----------
EGDON RESOURCES PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 January 2015
Unaudited Unaudited Audited
31-Jan-15 31-Jan-14 31-Jul-14
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 19,330 6,964 18,399
Property, plant and equipment 7,611 9,776 8,495
--------------------------------------- ------ ----------- ----------- -----------
Total non-current assets 26,941 16,740 26,894
--------------------------------------- ------ ----------- ----------- -----------
Current assets
Trade and other receivables 4,004 4,097 5,453
Available for sale financial assets 50 50 50
Cash and cash equivalents 5 6,505 1,166 9,667
--------------------------------------- ------ ----------- ----------- -----------
Total current assets 10,559 5,313 15,170
--------------------------------------- ------ ----------- ----------- -----------
Current liabilities
Trade and other payables (1,411) (2,277) (4,365)
Short term borrowings - (1,000) -
--------------------------------------- ------ ----------- ----------- -----------
Total current liabilities (1,411) (3,277) (4,365)
--------------------------------------- ------ ----------- ----------- -----------
Net current assets 9,148 2,036 10,805
--------------------------------------- ------ ----------- ----------- -----------
Total assets less current liabilities 36,089 18,776 37,699
Non-current liabilities
Provisions (1,322) (1,135) (1,288)
--------------------------------------- ------ ----------- ----------- -----------
Net assets 34,767 17,641 36,411
--------------------------------------- ------ ----------- ----------- -----------
Equity
Share capital 6 14,164 13,279 14,159
Share premium 20,550 1,379 20,550
Merger relief reserve 70 - -
Share based payment reserve 142 142 124
Retained (deficit)/earnings (159) 2,841 1,578
--------------------------------------- ------ ----------- ----------- -----------
34,767 17,641 36,411
--------------------------------------- ------ ----------- ----------- -----------
EGDON RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 January 2015
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31-Jan-15 31-Jan-14 31-Jul-14
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
(Loss)/profit before tax (1,737) 834 (456)
Adjustments for:
Depreciation and impairment of fixed
assets 1,146 449 1,739
Exploration costs written off 1 34 285
Foreign exchange (gains)/losses (1) 41 55
Loss/(profit) on disposal of licence
interests 128 (1,083) (1,083)
Negative goodwill arising on acquisition (72) - -
of Yorkshire Exploration Limited
Decrease/(increase) in trade and
other receivables 1,452 (225) (2,858)
(Decrease)/increase in trade and
other payables (3,014) 193 2,797
Movement in provisions - - (8)
Finance costs 11 64 85
Finance income (16) (1) (1)
Share based remuneration charge 18 8 16
------------------------------------------- ------------ ------------ -----------
Cash flow (used in)/generated from
operations (2,084) 314 571
Interest paid - - (41)
------------------------------------------- ------------ ------------ -----------
Net cash flow (used in)/generated
from operating activities (2,084) 314 530
------------------------------------------- ------------ ------------ -----------
Investing activities
Financial income 16 1 1
Purchase of exploration and evaluation
assets (1,098) (1,271) (2,802)
Purchase of property, plant and
equipment (7) (18) (29)
Proceeds from sale of intangible
assets 10 - 366
Proceeds from sale of licence option - - 918
Proceeds from sale of property,
plant and equipment - 175 180
Net cash flow used in capital expenditure
and financial investment (1,079) (1,113) (1,366)
------------------------------------------- ------------ ------------ -----------
Financing activities
Issue of shares - - 10,108
Costs associated with issue of shares - - (556)
Repayment of borrowings - - (1,000)
------------------------------------------- ------------ ------------ -----------
Net cash flow used in financing - - 8,552
------------------------------------------- ------------ ------------ -----------
Net (decrease)/increase in cash
and cash equivalents (3,163) (799) 7,716
Cash and cash equivalents at the
start of the period 9,667 2,006 2,006
------------------------------------------- ------------ ------------ -----------
Effects of exchange rate changes
on the balance of cash held in foreign
currencies 1 (41) (55)
------------------------------------------- ------------ ------------ -----------
Cash and cash equivalents at the
end of the period 6,505 1,166 9,667
------------------------------------------- ------------ ------------ -----------
In the period to 31 January 2015, significant non-cash
transactions comprised the issue of equity share capital with a
market value of GBP75,000 as consideration for the acquisition of
Yorkshire Exploration Limited.
EGDON RESOURCES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 January 2015
Share
Merger based
Share Share relief payment Retained
capital premium reserve reserve earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at
1 August 2013 13,279 1,379 - 134 2,007 16,799
Total comprehensive
income for the
period - - - - 834 834
Share option charge - - - 8 - 8
Balance as at
31 January 2014 13,279 1,379 - 142 2,841 17,641
Total comprehensive
income for the
period - - - - (1,290) (1,290)
Transfer of share
option charge
on exercise - - - (27) 27 -
Issue of ordinary
shares (February
2014) 120 2,705 - - 2,825
Issue of ordinary
shares (March
2014) 8 78 - 86
Issue of ordinary
shares (May 2014) 2 13 - 15
Issue of ordinary
shares (June 2014) 750 16,375 - 17,125
Share option charge - - - 9 - 9
Balance as at
31 July 2014 14,159 20,550 - 124 1,578 36,411
--------------------- --------- --------- ---------- --------- ---------- --------
Total comprehensive
income for the
period - - - - (1,737) (1,737)
Share option charge - - - 18 - 18
Issue of ordinary
shares (December
2014) 5 - 70 - - 75
Balance as at
31 January 2015 14,164 20,550 70 142 (159) 34,767
--------------------- --------- --------- ---------- --------- ---------- --------
1. General information
Egdon Resources plc ('the Company' and ultimate parent of the
Group) is a public limited company listed on the AIM market of the
London Stock Exchange plc (AIM) and incorporated in England. The
registered office is The Wheat House, 98 High Street, Odiham,
Hampshire, RG29 1LP.
This interim report was authorised for issue by the Directors on
the 20 April 2015.
Basis of preparation
The financial information set out in this interim report has
been prepared using accounting policies consistent with
International Financial Reporting Standards as adopted for use in
the European Union. IFRS is subject to amendment and interpretation
by the International Accounting Standards Board (IASB) and the IFRS
Interpretations Committee and there is an ongoing process of review
and endorsement by the European Union. The financial information
has been prepared on the basis of IFRS that the Directors expect to
be adopted by the European Union and applicable as at 31 July
2015.
Non-statutory accounts
The financial information set out in this interim report does
not constitute the Group's statutory accounts for that period
within the meaning of Section 434 of the Companies Act 2006. The
statutory accounts for the year ended 31 July 2014 have been
delivered to the Registrar of Companies. The auditors reported on
those accounts; their report was unqualified, did not contain a
statement under either Section 498 (2) or Section 498 (3) of the
Companies Act 2006.
The financial information for the 6 months ended 31 January 2015
and 31 January 2014 is unaudited.
Accounting policies
The condensed financial statements have been prepared under the
historical cost convention, except for the inclusion of certain
financial instruments at fair value.
The same accounting policies, presentation and methods of
computation are followed in these condensed financial statements as
were applied in preparation of the Group's financial statements for
the year ended 31 July 2014.
The Directors have reviewed the budget, projected cash flows,
considered committed expenditure and based on this review are
confident that the Group will have adequate financial resources to
continue in existence for the foreseeable future. Consequently the
Directors consider it appropriate to prepare the financial
information on the going concern basis.
2. Loss on disposal
With effect from 1 January 2015, the Group disposed of its
interests in licences PEDL126 and P.1916, giving rise to a loss on
disposal of GBP128,164. Under the terms of the agreement, proceeds
totalling GBP10k were due to Egdon.
3. Negative goodwill
On 2 December 2014, the Company completed the acquisition of
Yorkshire Exploration Limited. The company, which holds an interest
in PEDL068, was acquired in the period for consideration of Egdon
shares with a fair value of GBP75,000. The fair value of the net
assets acquired was GBP146,808, giving rise to negative goodwill of
GBP71,808. The negative goodwill arises following the purchase of
Yorkshire Exploration Limited in an off-market transaction offered
to the Group for reasons personal to the vendor.
4. (Loss)/earnings per share
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31-Jul-14
31-Jan-15 31-Jan-14 p
p p
Basic (0.79) 0.63 (0.30)
Diluted (0.79) 0.63 (0.30)
The basic (loss)/earnings per share has been calculated on the
loss on ordinary activities after taxation of GBP1.74m (January
2014: profit of GBP0.83m; July 2014: loss of GBP0.46m) divided by
the weighted average number of ordinary shares in issue of
220,980,522 (January 2014: 132,787,543, July 2014:
149,911,338).
The diluted (loss)/earnings per share has been calculated on the
loss on ordinary activities after taxation of GBP1.74m (January
2014: profit of GBP0.83m; July 2014: loss of GBP0.46m) divided by
the diluted weighted average number of ordinary shares in issue of
220,980,522 (January 2014: 133,061,593, July 2014: 149,911,338). In
January 2015 and July 2014, all share options in issue were
excluded as their inclusion would have been anti-dilutive. In
January 2014, the May 2008, February and December 2011 and the
January 2014 option grants were excluded as their inclusion would
have been anti-dilutive.
5. Cash and Cash Equivalents
Unaudited Unaudited Audited
31-Jan-15 31-Jan-14 31-Jul-14
GBP'000 GBP'000 GBP'000
Cash at bank at floating interest
rates 5,415 698 6,625
Restricted cash at bank 206 205 206
Other cash at bank 884 263 2,836
6,505 1,166 9,667
Cash at bank at floating interest rates consisted of money
market deposits which earn interest at rates set in advance for
periods up to three months by reference to Sterling LIBOR.
Restricted cash at bank represents amounts lodged in support of
guarantee commitments, earning interest at short term rates based
on Sterling LIBOR.
6. Share capital
On 2 December 2014, as consideration for the acquisition of
Yorkshire Exploration Limited, the Company issued 546,448 Ordinary
shares of 1 penny each. The fair value of the consideration at the
date of the transaction was GBP75,000 and the nominal value of the
shares issued was GBP5,464.
7. Post balance sheet events
The Europa Oil & Gas (Holdings) plc operated Kiln Lane-1
exploration well in licence PEDL181, where Egdon has a 25%
interest, was completed as a dry hole and was plugged during March
2015. A total of GBP108,750 was written off during the current
period and GBP471,515 of post-January expenditure will be written
off at year end.
8. Dividend
The Directors do not recommend payment of a dividend.
9. Publication of the Interim Report
This interim report is available on the Company's website
www.egdon-resources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLRSEIIFIE
Egdon Resources (LSE:EDR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Egdon Resources (LSE:EDR)
Historical Stock Chart
From Apr 2023 to Apr 2024
