I have been watching Egdon Resources for a while, and think they may prove to be worth an investment.

I like the idea of a British company finding oil and gas on UK soil, and as Egdon have a site at Waddock X, fairly close to where I live, I have decided to follow their progress.


Egdon has interests in 19 licences in the hydrocarbon producing basins of the UK and France, containing two oil discoveries and a further 48 prospects.

The Company's shares are traded on the Alternative Investment Market of the London Stock Exchange.




OIL AND GAS ASSETS

Egdon holds 19 licences, all of which lie within proven oil and gas producing basins and contain a mix of oil and gas prospectivity. The assets and technical management of the Company are divided into four geographically defined business areas; Southern England, Northern England (and adjacent offshore areas), East Midlands and France.





Company website : http://www.egdon-resources.com

Me too Andy and a little concerned. To be fair the sp has been fantastic over the last 12 months and all along the way there has been one step back followed by 2 forwards so I'm hoping this is the step back and two steps forward are on their way!

A stunning break-out day for the EDR sp today. Perhaps this is the first of the two steps forward!

Further test results published today look good. And we should have a clearer understanding of the potential of Portland in May. Exciting times.

new to the thread, after buying into EDR, wish I got in earlier though!!!

A very warm welcome to you vistauk. I hope you enjoy the EDR ride as much as I have so far.

On another point I see that Seymour Pierce put out a buy recommendation on EDR today.

Positive buying news although the SP seems to be taking another little breather.

The Company was notified on 24 March 2006 that as at 22 March 2006, as a result
of acquisitions of ordinary shares in Egdon Resources ('Ordinary Shares'),
Credit Suisse Securities (Europe) Limited held an interest in 2,263,333 Ordinary
Shares representing approximately 3.96 per cent. of the issued Ordinary Share
capital of the Company.

Debt free and funds almost double what they were last year. Portland however will still be the key:

Egdon Resources reported slightly narrower first half losses, but said its exploration business is looking forward to an exciting second half drilling.

The onshore UK oil and gas exploration and production business reported first half to Jan pretax loss of 238,000 against a year earlier loss of 296,000.

Following December's 4.8m institutional placing, the company is debt-free, with net funds at end-January of 6.3m, against 3.7m a year ago.

Chairman Philip Stephens said Egdon 'is experiencing operational success in all areas of its business, and we are particularly pleased with the confirmation of gas in two of our wells. The Portland Gas Storage Project is progressing, with a well currently being drilled to confirm the viability of creating salt caverns for storing gas.'

What on earth has spooked the market in EDR today??

Why has this gem drop today...anybody any ideas?

Something seems to have spooked the market in EDR although there have been pullbacks recently which have been quickly reversed, followed by the achievement of new highs. Let's hope this is a similar scenario.

Queen1,

I visited the Waddock Cross site at the weekend.

The site has been developed since I was last there, and the Egdon sign is at the gate.

I could see where the rig had been, but sady it has already left, so not much to see, but we enjoyed a nice drive in the countryside anyway.

Thanks Andy, glad you enjoyed a bit of fresh air! Any views on the recent (including today) sp dip?

queen1,

No, not really, although I did wonder why the price raced up in the first place.

Portland is not a done deal by any means, IMO, and if the site proves suitable, they will have to raise considerable finance, around 100 million, I believe, so perhaps it just got a bit ahead of itself?

Thanks Andy...100million is quite an amount to raise...so that is why EDR dipped to 123p today.

hlyeo98,

To be honest, that information was already in the public domain, and had been for some time, so that certainly wouldn't have caused today's fall.

Chart suggests some support around this price, but today's fall was with volume, so with the other indicators looking gloomy, it will be interesting to see what tomorrow brings.

Andy - Does someone know something we don't about Portland as the SP weakness these last few days is becoming worrying?

Freefall now. What the hell's going on???

FWIW regarding gas storage projects, I know that Star Energy had sent in a planning application for a similar facility at their Welton site, but that this appeared likely to be refused by Lincolnshire County Council's planning committee, in spite of recommendation by the Planning Officers. Star plans to appeal if necessary.

It may be worth having a dig around at Dorset County Council to find out if there have been any objections to Egdon's proposal. If my Dad still had a council seat I'd tap him, but alas his political days are now ancient history.

Thanks soul traders. With the issues surrounding the UK's dwindling gas reserves, need to import etc I am hoping that planning authority will be granted but I guess Star is a warning shot on that one.

FWIW (again) planning committees can be struck with incapacitatingly large doses of Nimbyism just when it's least needed. Also you never know until you take a closer look just who is lodging objections and, in spite of being possibly many sandwiches short of a picnic, how much clout they have.

All of this could have something to do with EDR's SP going through the wars, or of course it could just be lack of newsflow and good old uncertainty playing its part.

FYI I'm not "in" EDR, just an interested observer.