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.£23.3m
Last close9.00p
High / Low (52 weeks)17.6p / 7.2p
Stock market listingLN
Forecast net cash (£m)3.9
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(10)(30.1)9.5
Relative *(11)(32.6)(8.1)

* % Relative to local index

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Company news

Egdon Resources seals acquisition to expand East Midlands exposure

Mon, 30 Jan 2017 08:15:00 GMT

VSA Capital Market Movers - Egdon Resources Plc

Fri, 10 Mar 2017 09:17:42 GMT

Egdon Resources - Broker upbeat, says worth 39p

Tue, 03 Nov 2015 15:20:37 GMT

2 Winners From Fracking 'Green Light': Egdon Resources Plc And IGAS Energy PLC

Mon, 28 Jul 2014 14:15:00 GMT

IGas Energy jumps 25% as UK shale gets fracking boost

Tue, 24 May 2016 08:37:18 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 59.6

Last updated on 28/02/2017

Investment summary

Planning complications at Wressle are a setback for Egdon, affecting short-term production expectations. We expect Egdon to return with revised planning documentation to address local council planning concerns over the next couple of months; nevertheless, we expect Wressle first oil to be pushed back by up to 12 months. Our production expectation for FY17 has been reduced from 165boe/d to 110boe/d as a result. Our updated core 2P NAV (including cash and net of G&A) falls from 3.7p/share to 3.1p/share. However, our contingent resource and risked exploration valuation is little changed at 17.8p/share (from 18.5p/share). We include an indicative value per acre-based 25.7p/share valuation for shale acreage.

Last updated on 27/02/2017

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 21/12/2016

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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