Egdon Resources plc (AIM:EDR), is pleased to announce that net Egdon gas production from the Ceres field, including back-out gas, during November averaged 1.16 million cubic feet of gas per day (193 barrels of oil equivalent per day). This is the first full month of production following the successful installation of a new flowmeter in October and is in line with forecasts.
As a result the company expects gas sales net to Egdon for November to be in excess of £235,000.
This figure does not include the sales of approximately 17 barrels per day of condensate in the period.
Egdon holds a 10% interest in the Spirit Energy operated Ceres gas field in the Southern North Sea.
Mark Abbott, Managing Director of Egdon Resources plc, 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.”