Egdon Resources — FY2010 Earnings Presentation
17 slides from Egdon Resources's earnings presentation, Nov 3, 2010
Slide 1: Preliminary Results for the year ended 31 July 2010 & Business Review
EGDON RESOURCES PLC Preliminary Results for the year ended 31 July 2010 & Business Review 3 November 2010 Slide 1 Page2010 3 November 1
Slide 2: Egdon Resources plc - Vision & Strategy
Egdon Resources plc - Vision & Strategy “The aim of the Group is to create shareholder value by building a profitable and material full cycle exploration, production and energy business with a focus on onshore European operations” Strategy: The Company will look to increase shareholder value by: • I
Slide 3: Operational Highlights
Operational Highlights • Production during the year up 15% to 27,056 barrels (2009: 23,474 barrels) • Drilled and completed Dukes Wood-1, Kirklington-3z and Keddington-3z wells • Commercial agreements finalised and construction began for Kirkleatham gas field development with first gas expected befo
Slide 4: Financial Results
Financial Results • Profit of £0.24 million (31 July 2009: loss of £0.08 million). Includes profit on disposal of £0.39 million • Revenues up 42% to £1.25 million (31 July 2009: £0.88 million) • Earnings per share of 0.29p (2009: loss per share of 0.12p). • Equity as at 31 July 2010 of £16.03 millio
Slide 5: Corporate Highlights
Corporate Highlights • Completion of sale of East Midland licence interests to Terrain Energy Limited for £687,500 • Farmout of 10% interests in PEDL118 and PEDL203 to Angus Energy Limited on a 2:1 basis • Acquisition of UK assets from EnCore Oil plc for 39,200,000 Egdon Ordinary Shares • Agreement
Slide 6: Egdon Overview
Egdon Overview • An AIM listed oil and gas exploration and production company focused on onshore UK and mainland Europe • A balanced portfolio of production, development, appraisal and exploration projects positioning the Company for future growth • Extensive European portfolio • 28 Licences in UK a
Slide 7: Production - Keddington Oil Field
Production - Keddington Oil Field • PEDL005 (remainder) :Egdon 75% and operator • Drilled Keddington-3 and 3z sidetracks in April 2010 = 235 metres of oil bearing sandstone • Production of 193 bopd from June through August with 0.7 mmscfg/d – no water • Plans for electricity generation and export in
Slide 8: Production - Kirkleatham Gas Field
Production - Kirkleatham Gas Field • PEDL068: Egdon 40% and operator • Discovered by Egdon in 2006: gas in Permian limestone (Cadeby Formation) at depth of 800 metres • Construction operations nearing completion for gas field development with gas sold to Sembcorp at Wilton for use in Gas Turbine • G
Slide 9: Production - Ceres Gas Field
Production - Ceres Gas Field • P.1241 (47/93): Egdon 10% - non-operated • Sub-sea tieback to Mercury and then via Neptune and Cleeton to Dimlington onshore terminal • First production in April 2010 – c. 20 mmscfg/d (after back-out Net Egdon 1.2 mmscfg/d or 200 boepd) • Limited production since due t
Slide 10: Production - Other UK production assets
Production - Other UK production assets Avington: PEDL070– Egdon 36.67% non-operated interest • Ongoing production during 2010 (facilities upgraded in Aug-Sept. 2009) • Avington-2z well to be restored to production by year-end • 2010-11 production of c.40 bopd expected Net Egdon • Net Egdon Proven &
Slide 11: Appraisal Projects 2011
Appraisal Projects 2011 Markwells Wood: PEDL125 – Egdon 10% non-operated • Mapped extension of the Horndean producing oil field (lies between Horndean and Singleton) • Great Oolite reservoir target – Net Egdon best estimate prospective resources of 0.32 mmbo • Drilling expected to commence during No
Slide 12: High Impact Exploration Projects 2011
High Impact Exploration Projects 2011 Holmwood: PEDL143 – Egdon 38.4% non-operated • Between known oil and gas accumulations in Surrey • Net Egdon best estimate prospective resources of 16.6 bcf • Drilling in 2011 conditional upon planning Sherwood Sandstone Oil Play Dorset: PEDL237/PL090 – Egdon 45
Slide 13: Exploration - Non-Conventional Opportunities
Exploration - Non-Conventional Opportunities • Egdon as a major onshore operator is well positioned to leverage its acreage position by bringing in specialists in the emerging area of non-conventional hydrocarbons • Shale Gas & Oil Shale Potential • UK: Widmerpool Gulf, Gainsborough Trough (farmed-o
Slide 14: 2010-11 Work Programme - UK
2010-11 Work Programme - UK Production: Keddington – continued production, drill K-4, electricity generation from gas Avington – continued production, produce Av-2z, decision on Avington North drilling Kirkleatham – Commencement of gas production Q4 2010 Ceres – re-commencement of sustained gas prod
Slide 15: 2010-11 Work Programme - France
2010-11 Work Programme - France Exploration: Mairy – Exploration well (conventional/non-conventional) Q3 2011 Navacelles – Exploration well (conventional/non-conventional) Q4 2011 Seismic acquisition – Pontenx and Audignon Areas Q3 2011 Slide 15 Page2010 3 November 15
Slide 16: Future Developments & Outlook
Future Developments & Outlook • Balanced onshore Exploration and Production portfolio in politically and fiscally stable countries • Trading profitably and with growing production and cash flow = profitable self-funded business going forward • Strong cash position following recent sale of ERNV for £
Slide 17: Disclaimer
Disclaimer This document comprises the written materials/slides for a presentation (together with any accompanying information communicated verbally (including any questions and answers session and any material distributed with it), the Presentation) by Egdon Resources plc (the Company). This Presen