View or Download - Evershed - TR1 Notification - 26042021

Egdon Resources plc (AIM: EDR, “Egdon”) can advise that the Interim Results of the Company for the six months ended 31 January 2021 will be issued on Tuesday 27 April 2021.A results presentation and business update will be available via the Company’s website.

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project (“Biscathorpe”) in Lincolnshire Licence PEDL253 where the Company holds a 35.80% operated interest.Further to our announcement of 10 November 2020, Egdon is pleased to advise that on 26 February 2021 it has submitted an application to Lincolnshire County Council (“LCC”) as the Mineral Planning Authority, for planning permission for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe-2 Wellsite, High Street, Biscathorpe, Louth, Lincolnshire. As the proposed development was screened by LCC as being EIA development, the application was accompanied by an Environmental Statement.The planning application will now be validated before LCC commences consultation on the proposals.Subject to receipt of planning and other consents, the Biscathorpe-2Z side-track conventional appraisal well could potentially be drilled in H2 2021 and would target the Dinantian Carbonate and Basal Westphalian Sandstone reservoirs.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to confirm submission of a thorough and robust planning application, completed within the expected timeframe despite the challenges of the current operating environment.  We thank our advisors and consultants for their thorough and professional work and look forward to updating stakeholders as the planning consultation progresses.Biscathorpe represents a material and financially robust opportunity to secure an indigenous oil resource which would generate local and regional economic benefits and have a lower carbon footprint when compared to imported oil.”

Egdon Resources plc (AIM: EDR) is pleased to announce that at the Annual General Meeting held at 11.30 hours today all the resolutions proposed in the notice of the meeting were duly passed.View or dowload Result of General Meeting

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on operations at the Wressle Oil Field Development (“Wressle”) located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.Operations to recomplete the well and reperforate the Ashover Grit reservoir interval have been completed safely and successfully as per the previously advised schedule.Following the reperforation and its successful communication with the Ashover Grit reservoir interval free-flow of oil has commenced and the well has been placed on continuous 24 hour test production. The well is currently in the normal clean-up phase as the well is carefully brought on-stream.The Company will provide a further detailed update when flow rates have stabilised on completion of clean-up.Produced oil from Wressle will be transported by road tanker to the Phillips 66 Humber refinery and sold under Egdon’s existing oil sales contract.Recent photographs and video footage of the Wressle site can be found on Egdon’s Twitter feed @EgdonResources.

Egdon Resources plc (AIM: EDR) is pleased to announce that at the General Meeting held at 10.00 hours today Shareholders approved all the resolutions proposed in the notice of general meeting contained in the Circular sent to Shareholders dated 6 January 2021.View or download Result of General Meeting full press release

Egdon Resources plc (AIM: EDR, “Egdon”) provides an update on progress to first oil at the Wressle Oil Field Development (“Wressle”). Wressle is located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.Egdon can report that the workover rig and associated services and equipment were successfully mobilised to site during the week commencing 4 January 2021 and that operations to recomplete and reperforate the well have commenced. Operations are expected to be completed to enable the Ashover Grit reservoir to be flowed prior to the end of January 2021 as previously advised.The Ashover Grit reservoir is expected to produce at a constrained rate of 500 barrels of oil per day (“bopd”) increasing Egdon’s production by 150 bopd when fully on stream.Recent photographs and video footage of the Wressle site can be found on Egdon’s Twitter feed @EgdonResources.

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to announce that it has entered into subscription agreements with Petrichor Partners and Jalapeño (the “Subscription Agreements”), subject to certain terms and conditions, to raise gross proceeds of approximately £1.05 million through the issue of convertible loan notes (the “Convertible Loan Notes”) in order to fund ongoing exploration and development projects.The capitalised terms in this announcement shall have the meaning ascribed to them in the definitions section contained in Appendix 2 of this announcement.Petrichor Partners and Jalapeño may, at any time when any of the Convertible Loan Notes are outstanding, convert such outstanding amount into Ordinary Shares in the Company at a price of 1.55 pence per Ordinary Share (the “Conversion Price”) following the issue of the Convertible Loan Notes. Subject to Petrichor Partners and Jalapeño not exercising their option to convert the amount outstanding into Conversion Shares during the 12 months following the issue of the Convertible Loan Notes, they will be redeemed by the Company 12 months following their issue.The general partner of Petrichor Partners is HEYCO International Inc (“HINT”), a subsidiary of HEYCO Energy Group Inc (“HEYCO”). HEYCO, through its wholly-owned subsidiary Petrichor Holdings Coöperatief U.A. (“Petrichor”), together with its Connected Persons and other persons acting in concert with it and as described more fully in Part III of the Circular, is currently interested in 111,643,046 Ordinary Shares, representing 34.01 per cent. of the Existing Ordinary Shares.Based on the assumptions set out in Appendix 3 of this announcement, the Directors expect that the conversion of the Convertible Loan Notes (including the capitalisation of any interest which will accrue on the Convertible Loan Notes) would result in the issue to Petrichor Partners of a maximum of 69,684,386 Ordinary Shares and the issue to Jalapeño of a maximum of 3,549,020 Ordinary Shares (together, the “Conversion Shares”), increasing the total interest of the Concert Party to a maximum of 184,876,452 Ordinary Shares, representing 46.04 per cent. of the Company’s Enlarged Ordinary Share Capital (assuming no options issued by the Company or other securities convertible or exchangeable into Ordinary Shares are exercised other than those held by members of the Concert Party and that the Company does not issue any other Ordinary Shares), and the Concert Party would therefore be interested in Ordinary Shares carrying 30 per cent. or more of the Company’s voting share capital but not hold Ordinary Shares carrying more than 50 per cent. of more of such voting rights.As Petrichor is currently interested in more than 10 per cent. of the issued ordinary share capital of the Company, the subscription for the Convertible Loan Notes is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. For the purposes of the AIM Rules for Companies, the Directors of the Company, having consulted with the Company’s nominated adviser, WH Ireland, consider that the terms of the transaction are fair and reasonable so far as its Shareholders are concerned.The Takeover Panel (the “Panel”) has agreed, however, to waive the obligation for the Concert Party to make a general offer ("Rule 9Waiver") that would otherwise arise as a result of the issue of the Convertible Loan Note Shares to the Concert Party, subject to the approval, on a poll, of the Independent Shareholders (the “Whitewash Resolution”). Accordingly, the Whitewash Resolution is being proposed at the General Meeting and will be taken on a poll at the General Meeting, notice of which is set out in the Circular to be distributed to Shareholders on or around the date of this Announcement. The General Meeting is to be held at the offices of Egdon Resources plc at The Wheat House, 98 High Street, Odiham, Hampshire RG29 1LP at 10.00 a.m. on 22 January 2021.The Company notes the guidance issued by the UK government restricting social gatherings in view of the ongoing COVID-19 pandemic and the fact that, if such guidance remains in place on the date of the General Meeting, as seems likely, shareholders will be prohibited from attending the General Meeting. Given the current guidance the Company requests that shareholders do not attend the General Meeting but instead appoint the chairman of the General Meeting as a proxy to ensure their vote is recognised and provide voting instructions in advance of the General Meeting. Other named proxies will not be allowed to attend the General Meeting and their votes will not be countedMark Abbott, Managing Director, commented: “This is a major endorsement from HEYCO and strong confirmation of the belief of HEYCO and its management in the longer-term prospects for Egdon. The funds raised by the issue of the Convertible Loan Notes will significantly strengthen the Company’s financial position and allow it, together with existing cash, to fund ongoing exploration and development projects such as the development of the Wressle oil field, planning for the Biscathorpe-2 side-track well and preparation for the acquisition of 3D seismic over the Resolution Prospect and for additional working capital to maintain and develop the assets and opportunity base of the business.”View or Download Full AnnouncementView Documentation

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 preliminary results for the year ended 31 July 2020.Operational and Corporate Highlights

• Production during the year was 145 boepd (2019: 182 boepd) ahead of guidance of 130-140 boepd
• Planning permission was granted for the Wressle development on appeal on 17 January 2020 following a public inquiry in November 2019. Full costs were awarded against North Lincolnshire Council and have since been received. Field development operations are progressing well and first oil is targeted during January 2021, which will add 150 bopd to Egdon’s production
• During March 2020, we announced the results of an in-depth assessment of the Biscathorpe project (PEDL253) which identified technically and commercially attractive target areas accessible via a side-track of the suspended Biscathorpe-2 well. A planning application is in the process of being prepared for submission to enable this
• The farm-out of the Resolution and Endeavour gas discoveries (P1929 and P2304) to Shell Oil U.K. Limited (“Shell”) and agreed licence extensions and new work programme obligations with the Oil and Gas Authority (“OGA”)
• During September 2019, the encouraging gas in place results for Springs Road-1 were announced indicating the presence of a potentially world class resource in the “Gainsborough Shales” of the Gainsborough Trough where Egdon holds 71,361 net acres (289 km²)
• During early November 2019, Government announced the introduction of a moratorium on high volume hydraulic fracturing for shale-gas that will remain in place until new evidence is provided. Along with our industry peers we are continuing to work with the OGA and other regulators on this matter
• On 18 June 2020 a confidential settlement was reached with Humber Oil and Gas in respect of PEDL253 litigation and monies were received on 25 August 2020

Financial Highlights

• Gross oil and gas revenues during the period decreased by 56% to £0.96 million (2019: £2.20 million)
• Loss for the year ended 31 July 2020 of £4.75 million after write-downs, pre-licence costs and impairments of £3.03 million (2019: loss of £1.72 million after write-downs, pre-licence costs and impairments of £0.45 million)
• Basic loss per share of 1.53p (2019: 0.64p)
• Cash at bank £0.85 million as at 31 July 2020 (2019: £1.62 million)
• Placing of equity in April 2020 raised £0.50 million (gross of expenses) at a price of 2p per share
• Net current liabilities as at 31 July 2020 of £0.33 million (2019: Net current assets £1.91 million)
• Net assets as at 31 July 2020 of £26.67 million (2019: £30.99 million)

Subsequent Events

• On 25 August 2020 the farm-outs to Shell were completed for  the Resolution and Endeavour assets (P1929 and P2304)
• On 7 September 2020 we received approval for an extension of planning consent to 31 December 2021 for the drilling of North Kelsey-1 (PEDL241) which had been delayed due to COVID-19 restrictions during the earlier part of the year
• PEDL143 Licence relinquished during September 2020
• On 26 November 2020 Egdon announced that it had entered into a £1.00 million loan facility with Union Jack Oil plc
• On 5 January 2021 Egdon finalised the documentation for £1.05 million convertible loan notes with a concert party of Petrichor Holdings BV. The transaction, which will require a whitewash, is subject to shareholder approval through a vote by independent shareholders at a General Meeting to be held on 22 January 2021
• Egdon has been advised by Shell that the Resolution 3D seismic survey is now planned for February 2022, subject to approval by the OGA of an amendment to the licence obligations

Outlook

• Continuing to carefully manage costs and cash through the current challenging operating environment
• Finalising the development of the Wressle oil field for production start-up in January 2021
• Progressing the planning application for a Biscathorpe-2 side-track well to be drilled in 2021 and where we may look to secure a partial farm-out
• Progressing a farm-out of North Kelsey-1 for drilling in 2021
• Progressing the acquisition of the 3D seismic survey over the Resolution and Endeavour gas discoveries in February 2022
• Streamlining the portfolio to concentrate on a smaller number of key assets whilst maintaining our position in core unconventional assets
• Subject to 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
• Reviewing the Energy Transition opportunities within the current portfolio, including repurposing of existing wells for geothermal energy

AudiocastAn audiocast of the Results Presentation will be available to view via the following link from 09.30:https://webcasting.buchanan.uk.com/broadcast/5ff32185c627bb518d53146dView or Download Preliminary Results 2020View or Download Full 2020 Annual ReportView Egdon Resources PLC - Notice of MeetingView Egdon Resources Form of Proxy

Egdon Resources plc (AIM: EDR, “Egdon”) provides an update on the timing of the 3D seismic survey over the Resolution gas discovery in offshore licences P1929 and P2304.Shell Oil U.K. Limited (“Shell”), the operator of offshore licences P1929 and P2304, has advised Egdon that the marine 3D seismic survey, planned over the Resolution and Endeavour gas discoveries is now anticipated to be acquired in February 2022 rather than Q1 2021. This follows the results of a revised environmental impact assessment and extensive stakeholder engagement in respect of the planned survey. This work concluded that the commercial impact on local fishing businesses, along with potential impacts on marine mammalian movements, breeding season for sea birds and tourism, meant that the optimum time window to successfully acquire seismic data in 2021 was during February, not March/April as originally anticipated. Unfortunately, it was not possible to finalise all of the required agreements in respect of managing the fishing vessels operating in the survey area within the timeframe necessary to enable the survey to take place in February 2021.As such, and subject to the OGA consenting to an amendment to the licence obligations, it is now intended to undertake the survey in February 2022, to enable all agreements with commercial and other stakeholders to be finalised well in advance of the planned survey.

Egdon Resources plc (AIM: EDR, “Egdon”) can advise that the Preliminary Results of the Company for the year ended 31 July 2020 will be issued on Wednesday 6 January 2021.An audiocast of the results presentation and business update will be available via the Company’s website.

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on progress to first oil at the Wressle Oil Field Development (“Wressle” or the “Development”) and to provide details of a loan facility for £1 million.Wressle Development UpdateWressle is located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.The site reconfiguration works have been completed and the installation of surface facilities is currently ongoing at the Wressle site. To date, the storage tanks and inspection gantry have been installed and work is advanced in respect of the electrical and control system installation. All works have been completed safely whilst operating under Egdon’s “COVID secure” operating procedures. Delivery of all remaining equipment is expected to be completed during December, despite the many challenges posed by the impact of COVID-19 restrictions on the current supply chain operating environment.The PEDL180 and PEDL182 Joint Venture has decided to defer the workover operations and final commissioning of Wressle until January 2021, eliminating any possible operating and supply chain issues associated with the December festive period shutdown.As such, mobilisation of the workover rig will now take place immediately in the New Year, with the workover being completed and initial oil flows now anticipated during late January 2021.Recent photographs of the Wressle development site can be found on Egdon’s Twitter feed @EgdonResources.Loan FacilityEgdon is also pleased to announce that it has secured a £1,000,000 loan facility.A Facility Agreement and Charge Agreement (the Agreements) have been executed with Union Jack Oil plc which will provide the loan facility on commercial terms. The main terms of the Agreements are;

• 18 month term
• Principal sum payable at end of the term or in part or in full at any earlier time at the borrowers discretion
• Interest accrues on a daily basis on the outstanding loan amount at an interest rate of 11% per annum and is payable quarterly commencing on the earlier of the quarter following first production or on April 2021
• The loan is secured against an unencumbered 25% interest in the Wressle Project (PEDL180, and PEDL182), including the Wressle development project and associated infrastructure

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to have secured this source of debt financing as we progress the Wressle development to first production during January 2021. Since the award of Planning Consent in January 2020, significant progress has been made despite the challenging operating environment.Achieving commercial production from Wressle will have a significant and positive impact on Egdon’s production and cash flow, with an expected net production increase of 150 barrels of oil per day.We note the recent strengthening of the market price for oil, which will further improve the economics of this already robust development, with a project break-even oil price of $17.62 per barrel.We look forward to updating stakeholders on further progress early in the New Year.”

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 35.80% interest.This information will also be provided at a Biscathorpe Community Liaison Group meeting being held later today 10 November 2020.As previously advised, a detailed technical evaluation by the PEDL253 Joint Venture has identified accessible drilling target areas on the Biscathorpe Prospect, 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 proposed side-track will also target the oil column logged in the underlying Dinantian Carbonate in Biscathorpe-2.Egdon, on behalf of the PEDL253 joint venture partners, will be submitting an application for planning permission for the side-track drilling operation, associated testing and in a success case the long term production of oil at the site.A screening opinion was sought from Lincolnshire County Council (LCC) in respect of the need for an Environmental Impact Assessment, given the scope of the proposed application, which includes production, and the site location. A positive screening opinion has been adopted by LCC and as such the planning application will need to be accompanied by an Environmental Statement which integrates a number of specialist reports and assessments. This thorough process will enable Egdon to identify and address any potential environmental impacts arising from the proposed activity.Notwithstanding social distancing requirements and restrictions on meeting as a result of COVID-19, Egdon plans to engage with the local community and statutory consultees via a virtual public consultation event ahead of finalising the submission.The planning application will be submitted before the end of February 2021.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“Biscathorpe represents a material and financially robust opportunity to secure a lower carbon footprint (when compared to imports) indigenous source of oil which would generate local and regional economic benefits. Our planning application will include long term production, which if approved would provide clarity on planning, ahead of further drilling and would enable rapid development in a success case.  We are committed to consulting with the local community and other stakeholders and today’s community liaison group meeting provides an opportunity to commence this process as we continue to develop the detailed planning application for submission.”

Egdon Resources plc (AIM:EDR) notes the press release made today by UK Oil & Gas PLC (“UKOG”) the operator of PEDL143, where Egdon held a 18.4% interest.In its release UKOG advised the following in respect of PEDL143;“A detailed study examining the viability of drilling the A24 (formerly Holmwood) Portland prospect’s centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty, each over 3 km from the target, concludes that the required long-reach/shallow target-depth wells are neither technically viable nor economically feasible. Consequently, UKOG and its partners have now relinquished their interests in the licence.”Mark Abbott, Managing Director of Egdon Resources plc, said:“The relinquishment is supported by Egdon, as a technically and commercially viable site to drill the A24 Prospect (formerly Holmwood) couldn’t be identified.  It enables Egdon to focus its resources on the core near-term priorities; namely, moving to production at Wressle during this quarter, progressing drilling options at Biscathorpe and North Kelsey, and acquiring a marine 3D seismic survey over the Resolution and Endeavour gas discoveries during the coming period.”

Egdon Resources plc (AIM:EDR) is pleased to announce an agreement with Union Jack Oil plc ( “Union Jack”) to align our equity interests in PEDL241, and to jointly pursue a farmout for the drilling of the North Kelsey-1 exploration well.The North Kelsey Prospect is a drill ready conventional oil prospect along trend from and analogous to the Wressle oil development - which lies some 15 km to the northwest - and has been mapped from 3-Dimensional seismic data to have potential for oil in up to four stacked conventional Carboniferous reservoir targets. Egdon estimates that the Prospective Resources range from 4.66 million barrels up to 8.47 million barrels, with a Mean Resource volume of 6.47 million barrels.In September we announced an extension of the existing planning consent for drilling North Kelsey-1 to 31 December 2021. We have also received the requisite permits from the Environment Agency.Under the terms of the agreement Union Jack will acquire a further 30% interest in the license for a cash consideration of £100,000 with the previous farm-in obligations terminating. Egdon will retain operatorship and a 50% interest in the licence. The transaction is subject to consent from the Oil and Gas Authority.Upon completion of the acquisition the interests held in PEDL241 will be as follows:CompanyPrevious InterestNew InterestEgdon Resources U.K. Limited80% (Operator)50% (Operator)Union Jack Oil plc20%50%Commenting on the agreement, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to have reached agreement with Union Jack to fully align our interests and objectives in PEDL241 prior to a planned joint farmout of the drill ready North Kelsey-1 exploration well. All consents are in place to drill at North Kelsey, a Wressle analogue, providing a further potentially material value catalyst for Egdon during 2021.”

Egdon Resources plc (AIM:EDR) advises that its application to extend to 31 December 2021, the existing planning permission to drill conventional exploratory oil well at North Kelsey-1 site location was approved at today’s meeting of the Lincolnshire County Council Planning Committee.Commenting on the decision, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased with today’s decision to extend the planning permission as it enables us to progress our drilling plans at the North Kelsey conventional oil prospect which have been delayed by COVID-19 restrictions.  We will now progress our plans for drilling during 2021, providing a further potentially material near-term value catalyst for Egdon”

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to advise that the proceeds from the confidential settlement agreement between Egdon Resources U.K. Limited (acting on behalf of the PEDL253 joint venture partners) and Humber Oil & Gas Limited as announced on 24 June 2020 have been received.The joint parties to PEDL253 have therefore resolved the dispute arising under the JOA and look forward to co-operating in the future in the development of the licence.

Egdon Resources plc (AIM:EDR) is pleased to advise the completion of the Farm-In Agreement with Shell U.K. Limited (“Shell”) in respect of offshore licences P1929 and P2304 (“the Licences”) which contain the Resolution and Endeavour gas discoveries.The OGA has approved the transfer of a 70% interest and operatorship in both licences and the associated documentation including Joint Operating Agreements in respect of both licences has now been executed.Egdon retains a 30% interest in the Licences. Under the terms of the Farm-In Agreement, Shell will pay 85% of the costs of the acquisition and processing of the 3D seismic survey covering both the Resolution and Endeavour gas discoveries. Under the terms of the Licences, this work needs to be completed by 31 May 2021. The carry on the acquisition costs will be capped at US$5 million gross, beyond which Egdon would pay 30% of the survey costs. Furthermore, Shell will also pay 100% of all studies and manpower costs through to the well investment decision on the Licences.Commenting on the news, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are delighted to have completed the transfer of interest and operatorship to Shell in respect of these important, and potentially valuable, licences for Egdon.  The focus will now be on progressing appraisal activity on the Resolution and Endeavour gas discoveries.  The first part of this activity will be the acquisition of a marine 3D seismic survey during Q1 2021.  We look forward to building on our good working relationship with Shell and benefiting from their substantial worldwide operational experience and expertise.”

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle Oil Field Development (“Wressle”) where site works have now commenced. Wressle is located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.The site civils contractor has mobilised and the works to reconfigure the Wressle production site have commenced. These works, which represent an important step in the development, will comprise the installation of a new High Density Polyethelene (HDPE) impermeable membrane; French drain system; an approved surface water interceptor; the construction of a purpose-built bund area for storage tanks; a tanker loading plinth and an internal roadway system.The Company remains on track for first oil during H2 2020 as previously advised.The Wressle development comprises a number of key stages which are summarised below along with progress made to date:

• Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures; the key planning conditions have been discharged, progress with detailed design tendering and procurement is proceeding as per the plan and all HSE documentation and procedures are progressing as per expectation
• Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis; four groundwater monitoring boreholes have been installed and two rounds of sampling and analysis undertaken to date
• Reconfiguration of the site; site works have commenced
• Installation and commissioning of surface facilities;
• Sub-surface operations; and
• Commencement of production

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We continue to make good progress with the Wressle development,  in line with the expected timeline, despite the challenges of the current operating environment. The commencement of the site reconfiguration works represents an important step in the progress to first oil which will increase Egdon’s production by 150 barrels of oil per day. Wressle is economically robust with an estimated project break-even oil price of $17.62 per barrel.We maintain our guidance of first oil during H2 2020 and will continue to update stakeholders as works progress.”