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Egdon Resources PLC on Monday reported higher interim revenue and oil production, helped by its Wressle oil field. The UK-focused oil and gas exploration and production company said revenue in the six months to January 31 climbed 49% to £3.7 million from £2.6 million a year ago. Egdon’s output increased 27% to 46,465 barrels of oil equivalent, up from 36,714 a year ago. This is an improvement of the per day production to 253 barrels of oil equivalent per day from 200, and ahead of its full-year guidance of 225 to 245 barrels. Net cash as at January 31 improved to £5.5 million from £2.1 million a year prior, while net assets surged to £7.3 million from £1.2 million. Looking ahead, Egdon noted progress towards submitting planning and permitting for another development at Wressle, and in finalising a programme of drilling in its exploration and development project for 2023 to 2024. Egdon Resources shares were 3.9% lower at 2.50 pence each on Monday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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