Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of new Ordinary Shares in the Company of 1p each (“Ordinary Shares”) as follows.

The Warrants

In July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two Subscription Shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (the “Warrant”).

Exercise of Warrants and Issue of New Ordinary Shares

Number of Warrants being reported as Exercised Number of 1p new Ordinary Shares issued Consideration Received at 2.5p per share
200,000 200,000 £5,000.00

Application for Admission of New Ordinary Shares to AIM

An application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange with admission expected to become effective on or around 22 June 2022.

The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.

Outstanding Warrants

Following the exercise of the Warrants reported above 49,299,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.

Total Voting Rights

Following admission of the new Ordinary Shares on or around 22 June 2022 the issued share capital of the Company will be 525,092,031 Ordinary Shares, each with voting rights.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

17 June 2022

Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of new Ordinary Shares in the Company of 1p each (“Ordinary Shares”) as follows.

The Warrants

In July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two Subscription Shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (the “Warrant”).

Exercise of Warrants and Issue of New Ordinary Shares

Number of Warrants being reported as Exercised Number of 1p new Ordinary Shares issued Consideration Received at 2.5p per share
500,000 500,000 £12,500.00

Application for Admission of New Ordinary Shares to AIM

An application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange with admission expected to become effective on or around 14 June 2022.

The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.

Outstanding Warrants

Following the exercise of the Warrants reported above 49,499,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.

Total Voting Rights

Following admission of the new Ordinary Shares on or around 14 June 2022 the issued share capital of the Company will be 524,892,031 Ordinary Shares, each with voting rights.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

8 June 2022

Approval of Wressle Field Development Plan

Egdon Resources plc (AIM:EDR), a UK focused energy company, is pleased to advise that the North Sea Transition Authority (“NSTA”) has approved the Field Development Plan for the Wressle oil field in North Lincolnshire, held under licences PEDL180 and PEDL182 (the “Licences”) where Egdon is operator with a 30% interest.

The NSTA has also approved the Licences entering their production phase, which will continue through to 2039.

Commenting on these positive developments, Mark Abbott, Managing Director of Egdon Resources plc, said:

This is a key milestone for the Wressle project as it transitions from an extended well test to production under an approved field development plan.  Wressle continues to generate high levels of production and revenues.  The Wressle-1 well is currently amongst the most productive in the onshore UK and to date has produced over 170,000  barrels of oil. 

I am proud of the Egdon team and our contractors for their efforts and determination in achieving this key milestone. My thanks also go to our joint venture partners Union Jack Oil and Europa Oil and Gas, for their support and advice during this process.

Our focus now turns to completing the installation of the few remaining permanent production facilities and progressing the planning, permitting and implementation of the gas monetisation plan. This will enable a reduction in gas incineration and remove the limitations on oil production. In parallel we are advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported.” 

30 May 2022

Quarterly Financial Update and Loan Repayment

Egdon Resources plc (AIM:EDR) a UK focused energy company, is pleased to provide an unaudited financial update for the third quarter of the Company’s financial year (February to April 2022) and to advise the repayment of a £1 million loan. (Read more…)

26 May 2022

Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of new Ordinary Shares in the Company of 1p each (“Ordinary Shares”) as follows. (Read more…)

25 May 2022
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