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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.Revenues

• Revenue for the three-month period from February to April 2022 was £2.23 million (2021: £0.31 million and H1 2022: £2.55million).
• Revenue was primarily from the Wressle and Ceres fields, with average realised oil prices during the period February to April 2022 of $106.67 per barrel of oil (“bbl”) (February to April 2021: $62.43/bbl) and averaged realised gas prices of 217p per therm ($149 per barrel of oil equivalent (“boe”) (February to April 2021: 45p/therm ($44/boe)).

Loan Repayment

• On 25 May 2022 the £1 million commercial loan facility (the “Loan”) was repaid to Union Jack Oil PLC along with accrued interest as per the agreed terms.

Wressle Deferred Consideration

• As advised in the Company’s interim results (26 April 2022), during March 2022, Egdon paid the £0.417 million deferred cash consideration for the additional 5% interest in PEDL180 and PEDL182 (Wressle) which was acquired from Celtique Energie Petroleum Limited during June 2018.

Net Current Assets

• Accounting for repayment of the Loan, on 1 May 2022 the Company held unaudited cash and cash equivalents of £2.73 million (31 January 2022: £2.08 million) and net current assets of £2.76 million (31 January 2022: £1.16 million).

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“I am pleased to report that continuing strong production from Wressle and Ceres coupled with high oil and gas prices have translated into a robust year to date financial performance for Egdon. The material cash flow generated has been transformational, enabling the Company to become debt free and funded for all near-term commitments in parallel with considering further growth opportunities.”

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 WarrantsIn 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 SharesNumber of Warrants being reported as ExercisedNumber of 1p new Ordinary Shares issuedConsideration Received at 2.5p per share400,000400,000£10,000.00Application for Admission of New Ordinary Shares to AIMAn 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 31 May 2022.The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Outstanding WarrantsFollowing the exercise of the Warrants reported above 49,999,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.Total Voting RightsFollowing admission of the new Ordinary Shares on or around 31 May 2022 the issued share capital of the Company will be 524,392,031 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.

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The following amendments have been made to the 'Interim Results for the Six Months Ended 31 January 2022’ announcement released on 26 April 2022 at 7:00am under RNS No 2803J.Operational and Corporate Highlights‘Production during the period increased by 116% to 36,714 barrels of oil equivalent (“boe”) equating to 200 boe per day (“boepd”) (H1 2021: 16,928 boe and 92 boepd)’ instead of an increase of 156% to 43,420 boe equating to 205 boepd. This earlier figure having included the production for February 2022 in error.Financial and Statutory Information‘The average realised price per barrel of oil equivalent was 178% higher at $93.81/boe (H1 2021: $33.81/boe)’ instead of an average realised price per boe of 135% higher at $79.32/boe.All other details remain unchanged. The full amended text is shown below.EGDON RESOURCES PLC(“Egdon” or “the Group” or “the Company”)Interim Results for the Six Months Ended 31 January 2022Egdon Resources plc (AIM: EDR), a UK focused energy company, today announces its unaudited results for the six months ended 31 January 2022 (“the period”).Overview and HighlightsOperational and Corporate

• Production during the period increased by 116%% to 36,714 barrels of oil equivalent (“boe”) equating to 200 boe per day (“boepd”) (H1 2021: 16,928 boe and 92 boepd)
• Wressle production has significantly exceeded the original 500 barrels of oil per day (“bopd”) expectation and is currently producing at permit constrained rates of 760-800 bopd following upgrades to the production facilities
• Egdon has assumed the operatorship, increased its equity to 40% and agreed an extension to 20 March 2024 in PEDL343 which contains the Cloughton gas discovery
• Planning permission was refused for the drilling of a side-track well, testing and long-term production at the Biscathorpe project

Financial Performance

• Oil and gas revenues increased by 500% during the period to £2.551 million (H1 2021: £0.424 million) as a result of significantly increased production and strengthening commodity prices
• Profit before impairments/write backs of £0.715 million (H1 2021: loss of £0.763 million)
• Overall profit for the period of £1.222 million including £0.507 million write-back (H1 2021: loss of £1.039 million including £0.276 million of impairments)
• Cash and cash equivalents of £2.084 million (H1 2021: £2.422 million and 31 July 2021: £
• Net current assets as at 31 January 2022 of £1.165 million, which includes UJO debt of £1.07 million and £0.417 million deferred consideration for Wressle (31 January 2021: net current liability of £0.126 million, which includes liability for £0.962 million convertible loan and £0.417 million deferred consideration for Wressle)

Subsequent Events

• On 10 March 2022 a revised incentive package was put in place for all employees through the issue of new share options and the cancellation of all historical share options
• On 14 March 2022, planning permission was refused to extend the existing consents to drill the North Kelsey-1 exploration well and will be appealed during H2 2022
• On 5 April 2022 the Government announced that it had commissioned the British Geological Survey to advise on the latest scientific evidence around shale gas extraction
• An appeal against the refusal of planning for the Biscathorpe project was submitted on 12 April 2022
• During April 2022, Shell advised Egdon and the North Sea Transition Authority (“NSTA”) of its intention to withdraw from licences P1929 and P2304, containing the Resolution and Endeavour gas discoveries. Egdon is considering its options, including its ongoing commitment to the licences and will discuss these options with the NSTA.

Outlook

• Post-period end production and revenues have continued to be strong with February and March revenues of £0.480 million and £0.953 million respectively
• The Company is funded for all near-term committed activity including the loan repayment of £1.07 million due in May 2022

Our key operational focus for the coming period will be:

• Continuing to optimise oil and gas production from the Ashover Grit reservoir at Wressle, building on the strong performance to date
• Progressing gas monetisation at Wressle
• Finalising plans for development of the material Contingent Resources in the Penistone Flags at Wressle
• Progressing drilling plans to target incremental oil production / near field exploration opportunities at the Keddington oil field and the field redevelopment at Waddock Cross
• Securing planning consent via appeal for the Biscathorpe and North Kelsey projects
• Further developing the Company’s energy transition opportunities including repurposing of the Dukes Wood-1 well for geothermal heat

Online Presentation and audiocastA webcast of the interim results presentation will be available from 07.00 through the following link:https://webcasting.buchanan.uk.com/broadcast/62458a79893940516d342a2aCommenting on the results, Philip Stephens, Chairman of Egdon said;“The period has been has been an exceptional one for the Company. Revenues have increased fivefold and this has resulted in a return to profit after the challenges of recent years. Significantly increased commodity prices and increased production have made this possible. The Wressle field continues to exceed our expectations and the Ceres gas field is providing a late life renaissance.       Production continues at a high level and the resultant positive cash flow supported by continuing high commodity prices enables us to be confident that we will be able fully to fund our current plans.”

Egdon Resources plc (AIM:EDR) advises that Shell U.K. Limited has informed Egdon and the North Sea Transition Authority (“NSTA”) of its intention to withdraw from licences P1929 and P2304 containing the Resolution and Endeavour gas discoveries.Egdon will now consider its options, including its ongoing commitment to the licences and will discuss this with the NSTA. We will update shareholders once our preferred option and the NSTA position is known.

Egdon Resources plc (AIM: EDR), a UK focused energy company, today announces its unaudited results for the six months ended 31 January 2022 (“the period”).Overview and HighlightsOperational and Corporate

• Production during the period increased by 156% to 43,420 barrels of oil equivalent (“boe”) equating to 205 boe per day (“boepd”) (H1 2021: 16,928 boe and 92 boepd)
• Wressle production has significantly exceeded the original 500 barrels of oil per day (“bopd”) expectation and is currently producing at permit constrained rates of 760-800 bopd following upgrades to the production facilities
• Egdon has assumed the operatorship, increased its equity to 40% and agreed an extension to 20 March 2024 in PEDL343 which contains the Cloughton gas discovery
• Planning permission was refused for the drilling of a side-track well, testing and long-term production at the Biscathorpe project

Financial Performance

• Oil and gas revenues increased by 500% during the period to £2.551 million (H1 2021: £0.424 million) as a result of significantly increased production and strengthening commodity prices
• Profit before impairments/write backs of £0.715 million (H1 2021: loss of £0.763 million)
• Overall profit for the period of £1.222 million including £0.507 million write-back (H1 2021: loss of £1.039 million including £0.276 million of impairments)
• Cash and cash equivalents of £2.084 million (H1 2021: £2.422 million and 31 July 2021: £
• Net current assets as at 31 January 2022 of £1.165 million, which includes UJO debt of £1.07 million and £0.417 million deferred consideration for Wressle (31 January 2021: net current liability of £0.126 million, which includes liability for £0.962 million convertible loan and £0.417 million deferred consideration for Wressle)

Subsequent Events

• On 10 March 2022 a revised incentive package was put in place for all employees through the issue of new share options and the cancellation of all historical share options
• On 14 March 2022, planning permission was refused to extend the existing consents to drill the North Kelsey-1 exploration well and will be appealed during H2 2022
• On 5 April 2022 the Government announced that it had commissioned the British Geological Survey to advise on the latest scientific evidence around shale gas extraction
• An appeal against the refusal of planning for the Biscathorpe project was submitted on 12 April 2022
• During April 2022, Shell advised Egdon and the North Sea Transition Authority (“NSTA”) of its intention to withdraw from licences P1929 and P2304, containing the Resolution and Endeavour gas discoveries. Egdon is considering its options, including its ongoing commitment to the licences and will discuss these options with the NSTA.

Outlook

• Post-period end production and revenues have continued to be strong with February and March revenues of £0.480 million and £0.953 million respectively
• The Company is funded for all near-term committed activity including the loan repayment of £1.07 million due in May 2022

Our key operational focus for the coming period will be:

• Continuing to optimise oil and gas production from the Ashover Grit reservoir at Wressle, building on the strong performance to date
• Progressing gas monetisation at Wressle
• Finalising plans for development of the material Contingent Resources in the Penistone Flags at Wressle
• Progressing drilling plans to target incremental oil production / near field exploration opportunities at the Keddington oil field and the field redevelopment at Waddock Cross
• Securing planning consent via appeal for the Biscathorpe and North Kelsey projects
• Further developing the Company’s energy transition opportunities including repurposing of the Dukes Wood-1 well for geothermal heat

Online Presentation and audiocastA webcast of the interim results presentation will be available from 07.00 through the following link:https://webcasting.buchanan.uk.com/broadcast/62458a79893940516d342a2aCommenting on the results, Philip Stephens, Chairman of Egdon said;“The period has been has been an exceptional one for the Company. Revenues have increased fivefold and this has resulted in a return to profit after the challenges of recent years. Significantly increased commodity prices and increased production have made this possible. The Wressle field continues to exceed our expectations and the Ceres gas field is providing a late life renaissance.       Production continues at a high level and the resultant positive cash flow supported by continuing high commodity prices enables us to be confident that we will be able fully to fund our current plans.”View or Download 2022 Egdon Interim Results

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 WarrantsIn 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 SharesNumber of Warrants being reported as ExercisedNumber of 1p new Ordinary Shares issuedConsideration Received at 2.5p per share6,815,0006,815,000£170,375Application for Admission of New Ordinary Shares to AIMAn 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 20 April 2022.The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Outstanding WarrantsFollowing the exercise of the Warrants reported above 50,799,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.Total Voting RightsFollowing admission of the new Ordinary Shares on or around 20 April 2022 the issued share capital of the Company will be 523,592,031 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.

Egdon Resources plc (AIM:EDR) advises that its unaudited interim results for the six months ending 31 January 2022 will be released on Tuesday 26 April 2022.A webcast of the results presentation will be available via the Company website (www.egdon-resources.com) from 07.00 on 26 April 2022.

Egdon Resources plc (AIM:EDR) is pleased to advise that further to the announcement of 25 January 2022, it has submitted an appeal against the refusal of planning permission by Lincolnshire County Council for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site (the “Appeal”), held under licence PEDL253.Egdon is operator of PEDL253 and holds a 35.8% interest in the licence.The appeal documentation was submitted to the Planning Inspectorate (“PINS”) on 12 April 2022. The appeal will now be validated by PINS before an Inspector is appointed and a timetable is defined. The expectation is that the appeal will be decided under the written representations procedure, a process where PINS will consider written evidence from the appellant, the local planning authority and anyone else who has an interest in the appeal.