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Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.The Wressle development was granted planning consent on appeal on 17 January 2020. The Planning Inspector also allowed Egdon’s application for costs against North Lincolnshire Council (“NLC”) and we can advise that the gross sum of c. £403,000* has now been received from North Lincolnshire Council as settlement in full of these costs.As previously advised the plan for the Wressle development comprises the following key stages:

1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures
2. Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis
3. Reconfiguration of the site
4. Installation and commissioning of surface facilities
5. Sub-surface operations
6. Commencement of production

Following NLC approval of the installation plan and discharge of the associated planning condition we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.As previously advised, on current plans, the Company envisages first oil during H2 2020.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We continue to make good progress with the Wressle development despite the current challenging operating environment. The successful installation of the groundwater monitoring boreholes represents an important step in the progress to first oil which will increase Egdon’s production by 150 barrels of oil per day.. Wressle remains economically robust with an estimated project break-even oil price of $17.62 per barrel.We are also pleased to have received the costs in full from North Lincolnshire Council which strengthens our finances.”

*This will be divided between partners proportionate with their interests.

Egdon Resources plc (AIM:EDR) announces that on 24 April 2020, Mark Abbott, Walter Roberts and Tim Davies, all Directors of the Company, acquired shares as detailed below as part of the second tranche of the Subscription announced on 14 April 2020 at a price of 2p per share..DirectorSubscription SharesResultant shareholdingPercentage %on admissionMark Abbott2,500,00011,892,6173.62Tim Davies50,00050,0000.02Walter Roberts250,0001,224,1290.37The new shares are expected to be admitted to AIM on or around 1 May 2020.

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to announce the completion of Tranche 2 of the Equity Fundraising announced by the Company on 14 April 2020 (RNS number 4724J). Tranche 2 of the Subscription includes the issue of 2,800,000 new ordinary shares of 1p each in the capital of the Company to Mark Abbott, Walter Roberts and Tim Davies (the “Directors”) at a subscription price of 2p (the “Directors’ Subscription Shares”) and 1,441,780 new ordinary shares of 1p each in the capital of the Company to Petrichor at a subscription price of 2p (the “Petrichor Further Subscription Shares”) (together the “Tranche 2 Subscription Shares”).As announced on 14 April 2020 the equity fundraising will result in gross proceeds of approximately £500,000 (before expenses).The Admission of the 20,758,220 new ordinary shares representing Tranche 1 of the Subscription took place on 20 April 2020. Application has been made for the admission of the 4,241,780 Tranche 2 Subscription Shares to be admitted to AIM on or around 1 May 2020.Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the announcement by the Company on 14 April 2020 (RNS number 4724J).Concert PartyPetrichor is a wholly owned subsidiary of HEYCO Energy Group, Inc. (“HEYCO”). HEYCO’s majority shareholder is Explorers Petroleum Corporation of which George Yates is the ultimate controller.The Petrichor Further Subscription Shares will be registered in the name of Jalapeño Corporation (“Jalapeño”). Jalapeño’s President is Harvey E Yates Jr, George Yates’ brother. As such, Petrichor and Jalapeño constitute a concert party for the purposes of the Takeover Code (the “Concert Party”).Following Admission of the Tranche 2 Subscription Shares, the Concert Party will hold in aggregate 111,592,046 Ordinary Shares (representing 33.99 per cent. of the enlarged share capital).Related PartyMark Abbott is a Director of the Company and is interested in 9,392,617 ordinary shares (representing 2.90% of the current issued share capital).Walter Roberts is a Non-Executive Director and Company Secretary of the Company and is interested in 974,129 ordinary shares (representing 0.30% of the current issued share capital).Tim Davies is a Non-Executive Director of the Company and is not currently interested in any ordinary shares.The Concert Party is a substantial shareholder in the Company and, following the admission of the Tranche 2 Subscription Shares will be interested in 111,592,046 Ordinary Shares (representing 33.99% of the current issued share capital).The participation in the Directors’ Subscription by Mark Abbott, Walter Roberts and Tim Davies and the Petrichor Further Subscription both constitute related party transactions under the AIM Rules for Companies.Following Admission of the Tranche 2 Subscription Shares, the holdings of the Directors will be as follows:DirectorTranche 2 Subscription SharesResultant shareholdingPercentage %Mark Abbott2,500,00011,892,6173.62Tim Davies50,00050,0000.02Walter Roberts250,0001,224,1290.37The directors of the Company (with the exclusion of Mark Abbott, Walter Roberts and Tim Davies), having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, consider the terms of the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.Total Voting RightsThe current issued share capital of the Company is 324,073,845 Ordinary Shares, each with voting rights.Following Admission of the 4,241,780 Tranche 2 Subscription Shares on or around 1 May 2020, the Company’s enlarged issued share capital will comprise 328,315,625 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.This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Subscription with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR.  This inside information is set out in this Announcement.  Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

Egdon Resources plc (AIM:EDR) announces that on 21 April 2020, Elizabeth Stephens, wife of Philip Stephens, a Non-Executive Director of the Company, purchased 100,000 ordinary shares of 1 pence each (“Ordinary Shares”) at a price of 1.9 pence per share.Following this transaction, Philip and Elizabeth Stephens are interested in 231,703 Ordinary Shares, representing 0.072% of the Company’s issued share capital.

Egdon Resources plc (AIM: EDR), a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, today announces its unaudited results for the six months ended 31 January 2020 (“the Period”).Overview and HighlightsOperational and Corporate

• Production for the Period of 178 barrels of oil equivalent per day “boepd”) (H1 2019: 164 boepd) in line with guidance
• Planning Consent granted on appeal for the Wressle oil field development
• Farm-out agreement signed with Shell U.K. Limited (“Shell”) for P1929 and P2304 (Resolution and Endeavour undeveloped discoveries)
• Springs Road-1 analysis confirms a potentially world class hydrocarbon resource is present in the Gainsborough Trough
• The UK government has imposed a moratorium on high volume hydraulic fracturing for shale gas in England

Financial Performance

• Oil and gas revenues during the period fell to of £0.675 million (H1 2019: £1.210 million) as a result of the weak price environment
• Loss of £1.044 million (H1 2019: £0.724 million) before impairments
• Overall loss for the period of £3.235 million including £2.191 million of impairments (H1 2019: loss of £0.724 million, £Nil impairments)
• Cash and cash equivalents of £0.78 million (H1 2019: £1.78 million)
• Net current assets as at 31 January 2020 of £0.37 million (H1 2019: £2.35 million)
• Net Assets at 31 January 2020 of £27.81 million (H1 2019: £30.00 million)

Post-Period Events

• To date there has been no operational impact from the Government’s restrictions imposed due to Covid-19
• An economic assessment of the Wressle development demonstrates that the project is robust in the current economic environment with a project breakeven price of $17.62/bbl
• Post well technical update indicates the potential for a material and commercially viable resource remains on the Biscathorpe project with a breakeven price of $18.07/bbl
• An equity fundraise subscription to raise £500,000 before expenses, in two tranches with funds to be used to progress near term cash generative projects such as Wressle and general working capital.

Outlook

• Production guidance for the full financial year is retained at 130-140 boepd

Our key operational focus for the coming period will be:

• Developing the Wressle oil field for production start-up in H2 2020
• Completing the farm-out of the Resolution and Endeavour projects with Shell and progressing the acquisition of the planned marine 3D seismic survey
• Progressing plans for a Biscathorpe-2 side-track well
• Maintaining the option for North Kelsey-1 exploration well for drilling in 2021
• Subject to the lifting of the current moratorium on hydraulic fracturing operations for shale gas, progressing the planning and permitting for the drilling and subsequent testing of the Springs Road-2 well

Online PresentationsGiven the current Government guidance on social distancing, no face to face meetings are possible at this time. As such an audiocast of the Interim Results Presentation is available to view via following link:https://webcasting.buchanan.uk.com/broadcast/5e9abe8931da814c9fc6aad1Commenting on the results, Philip Stephens, Chairman of Egdon said;“The highlight of the Period is undoubtedly the grant of planning consent after appeal for the development atWressle. Our agreement with Shell with regard to our North Sea prospects and the positive results of the test drilling at Springs Road are also significant achievements. The current market conditions are difficult and the Board's focus will be on cost discipline and continued safe operations as we seek to navigate the near-term challenges faced by the whole Country and the specifics of our industry. We are confident that we have the right asset base and strategy to deliver long-term value for our shareholders and look forward to more normal times and progressing the exciting opportunities that your Company has.”View or download 2020 Interim Report

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to announce that it has raised approximately £500,000 via a subscription for new shares, to be completed in two tranches. The Company has raised approximately £415,164 (the "Subscription") through the issue of 20,758,220 new ordinary shares of 1 pence each in the Company (the "Subscription Shares") at a price of 2p per Ordinary Share ("Issue Price"). The Subscription includes a £141,114 subscription by Petrichor Holdings Coöperatief U.A. (“Petrichor”).In addition, because the Company is currently in a close period due to its intended publication of Interim Results for the six months ended 31 January 2020 on 21 April 2020, Mark Abbott (Managing Director), Walter Roberts (Non-Executive Director and Company Secretary) and Tim Davies (Non-Executive Director) of Egdon have undertaken to subscribe to raise £56,000 following publication of those Interim Results as set out further below (the “Directors’ Subscription”). In connection with the Director’s Subscription, Petrichor has undertaken to subscribe for such further number of shares, at the Issue Price, that would maintain their holding in the Company at 33.99%. If the Directors Subscription is undertaken at the Issue Price (2p per Ordinary Share) this will result in gross proceeds of £500,000 for the two tranches.Highlights

• Subscription for 7,055,720 New Ordinary Shares as outlined below (the “Petrichor Subscription Shares") by Petrichor at an issue price of 2 pence per Subscription Share to raise gross proceeds of £141,114 (the "Petrichor Subscription").
• In connection with the Directors’ Subscription, Petrichor has undertaken to subscribe for such number of shares at the Issue Price that would maintain their holding in the Company at 33.99% (the “Petrichor Further Subscription”)
• The Issue Price represents a 14.89 per cent. discount to the closing price (of 2.35p) of the Ordinary Shares on Thursday 9 April 2020, the last trading day prior to this Announcement.
• An undertaking to subscribe to raise £56,000 by Mark Abbott (Managing Director), Walter Roberts (Non-Executive Director and Company Secretary) and Tim Davies (Non-Executive Director) (the “Directors’ Subscription”) at the higher of the Issue Price or the volume weighted adjusted price (“VWAP”) of the Ordinary Shares on the three days following publication of the Company’s Interim Results, subject to the same discount of 14.89 per cent (the “Directors’ Subscription Price”).
• The net proceeds of the fundraising receivable by the Company will be used primarily to:
• Progress key near term cash generative projects such as Wressle; and
• General working capital.

The Fundraising will complete in 2 tranches, the first of which will complete on or around 20 April 2020 and the second will complete on or around 27 April 2020, or the earliest such time that the Directors are not in possession of inside information.Tranche 1The £415,164 subscription monies payable for 20,758,220 of the Subscription Shares (“Tranche 1 Subscription Shares”) are payable on 20 April 2020. Application will be made to the London Stock Exchange for the Tranche 1 Subscription Shares to be admitted to trading on the AIM Market of the London Stock Exchange (“Admission”) and it is expected that Admission of the Tranche 1 Subscription Shares will become effective on or around 20 April 2020.Tranche 2The subscription monies payable for the Directors’ Subscription Shares and the Petrichor Further Subscription (“Tranche 2 Subscription Shares”) are expected to be payable on 27 April 2020. A further update will be made once the Director’s Subscription Price and the number of Directors’ Subscription Shares is known.Application will be made for Admission of the Tranche 2 Subscription Shares and it is expected that Admission of the Tranche 2 Subscription Shares will become effective on or around 27 April 2020 or the earliest such time that the Directors are not in possession of inside information if later.The Tranche 1 Subscription Shares and the Tranche 2 Subscription Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Mark Abbott, Managing Director of Egdon, commented:"Egdon is pleased to have secured these funds in difficult market conditions to progress our key near term projects. We are grateful for the continued support from Petrichor, an existing shareholder with extensive knowledge and experience of exploration and production of unconventional hydrocarbons."Related Party TransactionsMark Abbott is a Director of the Company and is interested in 9,392,617 ordinary shares (representing 3.10% of the current issued share capital).Walter Roberts is a Non-Executive Director and Company Secretary of the Company and is interested in 974,129 ordinary shares (representing 0.32% of the current issued share capital).Tim Davies is a Non-Executive Director of the Company and is not currently interested in any ordinary shares.Petrichor is a substantial shareholder in the Company and is interested in 103,094,546 Ordinary Shares (representing 33.99% of the current issued share capital).The participation in the Directors’ Subscription by Mark Abbott, Walter Roberts and Tim Davies and the Petrichor Subscription both constitute related party transactions under the AIM Rules for Companies.The directors of the Company (with the exclusion of Mark Abbott, Walter Roberts and Tim Davies), having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, consider the terms of the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.Concert partyPetrichor is a wholly owned subsidiary of HEYCO Energy Group, Inc. (“HEYCO”). HEYCO’s majority shareholder is Explorers Petroleum Corporation of which George Yates is the ultimate controller.The Petrichor Subscription Shares will be registered in the name of Jalapeño Corporation (“Jalapeño”). Jalapeño’s President is Harvey E Yates Jr, George Yates’ brother. As such, following the Subscription Petrichor and Jalapeño will constitute a concert party for the purposes of the Takeover Code (the “Concert Party”).Following Admission of the Tranche 1 Subscription Shares, the Concert Party will hold in aggregate 110,150,266 Ordinary Shares (representing 33.99 per cent. of the enlarged share capital).Following Admission of the Tranche 2 Subscription Shares, the Concert Party will hold such number of Ordinary Shares representing 33.99 per cent. of the enlarged share capital.Total Voting RightsThe current issued share capital of the Company is 303,315,625 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.Following Admission of the 20,758,220 Tranche 1 Subscription Shares on or around 20 April 2020, the Company's enlarged issued share capital will comprise 324,073,845 Ordinary Shares, each with voting rights.A further update will be made by the Company, on or around 27 April 2020 (or the earliest such time that the Directors are not in possession of inside information), regarding the Company’s enlarged share capital following admission of the Tranche 2 Subscription Shares.This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Subscription with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR.  This inside information is set out in this Announcement.  Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

Egdon Resources plc (AIM: EDR) provides an update on the impact of COVID-19 on the business and an update on current trading.The coronavirus pandemic represents an unprecedented national and international public health emergency which has impacted many aspects of our daily lives and which we hope to see resolved quickly. The primary concern and focus for the Company at this time is the health and safety of our employees, contractors and other stakeholders.In this regard, Egdon’s office-based employees have been working from home since 19 March 2020 using well established systems to maintain full functionality and the ability to do so for however long the current Government guidance is maintained. I am pleased to report that to date there have been no incidents of infection within our workforce.Our currently operational sites - Keddington and Fiskerton Airfield - are managed by a third-party contractor and we have jointly established procedures and plans to ensure continuing safe functioning of the sites within the oversight of existing government regulation. Oil and gas workers are considered by the Government to be ‘key workers’. As such, travel to and from site remains unrestricted as does the transportation of produced oil to the nearby refinery.We will continue to monitor the situation and act within Government guidelines as matters develop but at this stage do not anticipate any adverse impacts to our production operations.As announced on 26 February 2020, production during the six months ended 31 January 2020 was 178 barrels of oil equivalent per day (“Boepd”) (H1 2019: 164 Boepd). Revenue during the six months to 31 January 2020 was £0.675 million (H12019: £1.21) which reflects the lower gas prices seen through the winter of 2019/20. Production remains within guidance of 130-140 Boepd for the full financial year (ending 31 July 2020).The coronavirus pandemic and the resultant international actions have adversely impacted worldwide oil demand which has largely contributed to the current low oil price environment. In common with our peers, our current late field life production is unprofitable at these current prices and we are reducing costs wherever possible.Given the current reduction in predicted oil and gas forward prices, non-cash impairments will be made in our Interim Results on a small number of assets. These impairments are expected to be of the order of c.£2.5-3.0 million out of total non-current assets of £31.94 million.The Company is focussed on reducing costs and expenditure and concentrating on progressing key near term cash generative projects such as Wressle. We will continue to keep future activity under review in light of the current circumstances and are positioning the Company for growth once normality returns to the economy and oil markets.The Company will be releasing its Interim Results for the six months ended 31 January 2020 on 21 April 2020.

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project in Lincolnshire Licence PEDL253 where the Company holds a 44.75% operated economic interest.Highlights

• Economic modelling indicates a financially robust project even in the current oil price environment
• The principal Westphalian target has an estimated un-risked gross NPV(10) of £55.6 million
• Break-even full-cycle economics estimated to be (NPV(10)) US$18.07 per barrel of oil
• A 57 metre oil bearing section in the Dinantian Carbonate of Biscathrope-2 represents a secondary target with potentially significant commercial upside
• Future identified drill targets are accessible via a side-track of the suspended Biscathorpe-2 well.

Biscathorpe is located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Saltfleetby gasfield and Keddington oilfield (Egdon 45%) which produces oil from a Carboniferous Westphalian aged reservoir, the principal target at Biscathorpe.The PEDL253 Joint Venture partnership has now completed extensive and detailed studies of the Biscathorpe project, including the reprocessing and remapping of 264 square kilometres of 3D seismic. This work has been integrated with the results of the Biscathorpe-2 well, resulting in a significantly improved understanding of the prospectivity in the Biscathorpe project area. The results of this substantial piece of work have concluded that a possible material and commercially viable hydrocarbon resource remains to be tested.Accessible target areas have been identified, where evidence for a thickened Westphalian sandstone reservoir interval is evident on the reprocessed 3-D seismic. These areas can be targeted by a side-track of the existing Biscathorpe-2 well which was suspended following drilling operations in 2019. The side-track will also target the oil column logged in the underlying Dinantian Carbonate in Biscathorpe-2, as detailed below.The gross Mean Prospective Resources associated with the Westphalian target area are estimated by Egdon to be 3.95 million barrels of oil (mmbbls), with an upside case of 6.69 mmbbls. Preliminary economic modelling demonstrates that the Westphalian target is economically robust in the current oil price environment with break-even full cycle economics estimated at US$18.07 per barrel and an NPV(10) valuation of £55.60 million.The Westphalian objective was absent at the Biscathorpe-2 well location, however, a total of57 metres of oil bearing, Dinantian Carbonate has been confirmed by petrophysical analysis. Hydrocarbon shows with background gas and sample fluorescence were recorded across the entire sectionfrom Top Dinantian Carbonate to the Total Depth (“TD”) of the well (an interval of over 150 metres).A geochemical analysis of the gas data and hydrocarbons extracted from drill cuttings was originally commissioned by Union Jack and carried out by Applied Petroleum Technology (UK) Limited (“APT”). The results of this analysisshow a hydrocarbon column of 33-34 degree API gravity oil comparable with nearby producing fields.An assessment of the Dinantian oil volumes indicates gross Mean Stock Tank Oil Initially in Place (“STOIIP”) of 24.3 mmbbls with an upside STOIIP case of 36 mmbbls.Although the Dinantian is not considered to be the primary target, should there be effective permeability, or the presence of fractures within this section there is the possibility of a further commercially viable play being present within the Biscathorpe licence area that would add considerable resources upside over and above those associated with the principal target in the Westphalian reservoir.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are highly encouraged by the post-well evaluation of the Biscathorpe project area which has now benefited from an integrated assessment of the 2019 well data and reprocessed 3D seismic data. This work has concluded that a potentially material and commercially viable hydrocarbon resource remains to be tested.Having retained the wellsite, the JV has maintained its optionality to pursue a cost effective side-track to test the resource potential of not only the Basal Westphalian Sandstone play but also to appraise the oil column demonstrated in the deeper Dinantian Carbonate reservoir. I look forward to being able to update all stakeholders as we progress our plans for this potentially significant oil accumulation.”

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.Given recent events in the oil and gas markets, Egdon has updated its economic model for the Wressle project.This work demonstrates that the project is economically robust in the current low oil price environment with an estimated project break-even oil price of $17.62 per barrel.The Wressle development was granted planning consent on appeal on 17 January 2020. The planning inspector also allowed Egdon’s application for costs against North Lincolnshire Council (“NLC”) and this has subsequently been submitted to NLC.The forward plan for the Wressle development comprises the following key stages

1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures
2. Installation of the ground water monitoring boreholes and establishment of baseline conditions through monitoring
3. Reconfiguration of the site
4. Installation and commissioning of surface facilities
5. Sub-surface operations
6. Commencement of production

Progress to date has concentrated on the enabling works highlighted in point 1 above. The initial work on site will be the installation of the groundwater monitoring boreholes with the main site operations occurring in the last months of the work stream. On current plans, the Company envisages first oil during H2 2020.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“Our modelling shows that the Wressle development is economically robust at and below the current oil price and remains a core focus for the business with a current expectation of first oil in the second half of 2020.”