Interim Results for the Six Months Ended 31 January 2017

Egdon Resources plc (AIM:EDR), the UK-based exploration and production company with a primary focus on the hydrocarbon-producing basins of the onshore UK, announces its unaudited interim results for the six months ended 31 January 2017. A presentation for analysts will be held at 9:30am on 11 April 2017 at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.Overview and HighlightsOperational and CorporateSuccessful placing and open offer to raise £5.06 million before costs in December 2016

• Acquisition of additional interests in PEDL068, PEDL201, PEDL306 and PEDL334
• Planning consent granted to operator IGas to drill up to two exploratory wells in Misson Springs, North Nottinghamshire. (Egdon 14.5% interest). Egdon is carried on these initial wells by Total
• ERC Equipoise reported an independent assessment of the undiscovered gas initially in place (GIIP) in ten previously unassessed licences resulting in a Company combined mean of 50 trillion cubic feet of gas (“TCF”)
• Production in line with current forecast totalling 16,882 barrels of oil equivalent (“boe”) (94 barrels of oil equivalent per day “boepd”) (H1 2016: 37,543 boe; 204 boepd)
• Refusal of planning consent for development of the Wressle oil field

Financial Performance

• Gross oil and gas revenues during the period £0.51 million (H1 2016: £1.05 million)
• Loss for the period of £0.73 million (H1 2016: loss of £2.00 million after accounting for impairments of £0.5 million at Waddock Cross and the revaluation of £0.3 million of the Ceres accrued income)
• The Company has no debt (H1 2016: Nil)
• Net current assets as at 31 January 2017 of £8.00 million (H1 2016: £6.06 million) including cash at bank of £6.80 million (H1 2016: £5.26 million)

Post Balance Sheet Events

• Decision to progress both an appeal and a new application for the Wressle development
• Acquisition of additional interest in deep potential of PEDL209 and restructuring of Total option agreement

Commenting on the results, Philip Stephens, Chairman of Egdon said: “In a period of further progress we were pleased to complete an equity cash raising of £5million in December 2016, which has significantly strengthened our balance sheet.An independent evaluation of the net gas in place for our unconventional resources has given a figure of 50TCF which shows a considerable increase over the last estimate made two years ago.Our conventional portfolio contains a number of very attractive prospects the value of which we expect to be able to realise in the next 12 to18 months”View or download 2017-04-11 EDR Interim Results Final