Egdon Resources (EDR)

Business description

Egdon Resources is an AIM-listed onshore oil and gas exploration company. The group has conventional and unconventional assets in the UK and France.

Stock data

Market cap.£22.4m
Last close8.63p
High / Low (52 weeks)17.6p / 7.4p
Stock market listingLN
Forecast net cash (£m)3.9
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *(11.9)(23.2)(40.2)

* % Relative to local index

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Company news

VSA Capital Market Movers - Egdon Resources Plc

Fri, 19 May 2017 07:18:45 GMT

Egdon Resources seals acquisition to expand East Midlands exposure

Mon, 30 Jan 2017 08:24:48 GMT

Egdon Resources raises £2mln in oversubscribed open offer

Fri, 25 Nov 2016 08:05:11 GMT

Egdon Resources shares advance after new UK shale deal

Tue, 04 Apr 2017 10:49:30 GMT

VSA Capital Market Movers - Egdon Resources Plc, LGO Energy PLC

Wed, 03 May 2017 07:30:00 GMT

Y/E Jul Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 2.1 (4.0) (4.5) (2.1) N/A N/A
2016A 1.6 (0.7) (2.7) (1.2) N/A N/A
2017E 1.4 (1.0) (2.3) (0.9) N/A N/A
2018E 2.7 0.4 (1.1) (0.4) N/A 57.2

Last updated on 24/04/2017

Investment summary

Following fundraising, Egdon has zero debt and cash of c £7.0m, making it the largest unlevered UK-listed shale play. Licences span over 200,000 net acres with an ERCE estimated undiscovered gas initially in place (GIIP Pmean) of 48tcf. Our valuation is adjusted for placing proceeds and associated NAV/share dilution, offset by inclusion of 14th-round licence awards. Our valuation is broken down into 3.7p/share for core 2P value (including cash and net of G&A) and 18.5p/share for contingent resource and risked exploration. We also include an indicative dollars-per-acre shale valuation of 25.7p/share.

Last updated on 02/05/2017

Industry outlook

The supportive stance taken by the UK government towards shale provides a stable fiscal and regulatory environment for its development.

Last updated on 02/05/2017

Key management

Philip Stephens, Chairman
Mark Abbott, MD

Company address

The Wheat House
98 High Street
RG29 1LP
United Kingdom
01256 702292
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