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.£18.5m
Last close7.13p
High / Low (52 weeks)16.4p / 7.1p
Stock market listingLN
Forecast net cash (£m)4.8
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(10.9)(9.5)(46.7)
Relative *(11.9)(11)(51)

* % Relative to local index

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Company news

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 1.2 (0.9) (1.9) (0.8) N/A N/A
2018E 2.5 0.2 (1.3) (0.5) N/A 114.0

Last updated on 08/12/2017

Investment summary

Egdon Resources retains several value catalysts over the course of 2017/2018; these encompass the company’s conventional as well as unconventional asset portfolio. Key catalysts include exploration and appraisal at Springs Road, Holmwood, Resolution, Biscathorpe, and North Kelsey as well as Wressle development. Capital commitments are being kept to a minimum through existing cost-carry arrangements and planned farm-outs. Our Egdon valuation stands at 21.5p/share risked conventional value and 26.0p/share for indicative unconventional upside potential.

Last updated on 13/12/2017

Industry outlook

The UK government stance towards shale varies by party; however, current central government appears to be supportive of unconventional gas development, attracting sector investment from the likes of Centrica and Ineos.

Last updated on 13/12/2017

Key management

Philip Stephens, Chairman
Mark Abbott, MD

Company address

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