Egdon Resources — H1 2021 Earnings Presentation
18 slides from Egdon Resources's earnings presentation, Apr 27, 2021
Slide 1: Interim Results for six months ended 31 January 2021 & Business Update
Egdon Resources plc Interim Results for six months ended 31 January 2021 & Business Update 27th April 2021 www.egdon-resources.com 1 Interim Results for six months ended 31 January 2021
Slide 2: Egdon at a Glance
Egdon at a Glance • AIM: EDR • Established oil & gas exploration & production company formed in 1997 • UK focus: 41 Licences • Existing production and revenue: 92 boepd • Nearshore gas appraisal opportunities and significant exploration assets • Significant shale-gas position: GIIP of 47.6 TCF • Ene
Slide 3: Updated Strategy
Updated Strategy Focus on growth in production and Maintain geographical focus on the UK UK Focus Conventional revenue through conventional production, appraisal and Oil & Gas exploration projects A near-term focus on developing Maintain our significant low carbon energy transition portfolio of unco
Slide 4: Operational and Corporate Highlights for Period
Operational and Corporate Highlights for Period • Production during the period was 92 barrels of oil equivalent per day (“boepd”) (2020: 178 boepd) in-line with guidance of 90-100 boepd • Completion of the farm-outs for the Resolution and Endeavour gas discoveries (P1929 and P2304) to Shell Oil U.K.
Slide 5: Subsequent Events
Subsequent Events • On 26 February 2021, Egdon submitted a planning application for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe-2 well site • On 23 April 2021, a memorandum of understanding was executed with Creative Geothermal Solutions Limite
Slide 6: Financials – Six months ending 31 January 2021
Financials – Six months ending 31 January 2021 • Oil and gas revenues during the period of £0.424 million (H1 2020: £0.675 million) • Loss of £0.763 million (H1 2020: £1.044 million) before impairments • Overall loss for the period of £1.039 million including £0.276 million of impairments (H1 2020:
Slide 7: Conventional Oil & Gas - Production
Conventional Oil & Gas - Production • Production for period of 92 boepd, in-line with guidance • Production from Ceres, Keddington and Fiskerton Airfield • Wressle re-completion and commencement of oil flow on 30 January 2021 • Oil and gas prices have recovered from lows seen in 2020 Focus for comin
Slide 8: Conventional Oil & Gas - Production (Wressle)
Conventional Oil & Gas - Production Wressle (EDR 30%) • Site reconfiguration and installation of production facilities completed • Well recompletion and re-perforation completed and on extended well test since 30 January 2021 • Approval of proppant squeeze awaited from OGA and EA • Expected producti
Slide 9: Conventional Oil & Gas – Enhancing Production
Conventional Oil & Gas – Enhancing Production Keddington (EDR: 45%) • A detailed sub-surface review has highlighted that gross Mean Contingent Resources of 567,000 bbls remain to be produced. • This presents an opportunity to increase production via a development side-track for which planning is alr
Slide 10: Conventional Oil & Gas - Appraisal
Conventional Oil & Gas - Appraisal Biscathorpe (Egdon 35.8%) • Evaluation of the results of the suspended Biscathorpe-2 well identified a possible material and commercially viable hydrocarbon resource remaining to be tested • A planning application was submitted during February 2021 for side-track d
Slide 11: Conventional Oil & Gas - Appraisal
Conventional Oil & Gas - Appraisal Resolution & Endeavour Gas Discoveries (Egdon 30%) Pensacola Prospect • Resolution Gas Discovery (P1929) = Early North Sea to be drilled by Shell/Deltic in 2022 discovery (Total: 1966) capable of 17-22 mmcfg/d per well • CPR (Schlumberger) published 9 April 2019 ad
Slide 12: Conventional Oil & Gas - Exploration
Conventional Oil & Gas - Exploration North Kelsey (PEDL241: Egdon 50%) • Alignment of interests with Union Jack to 50:50 completed, £100K received • 3D defined prospect with multiple reservoir targets = Wressle analogue • Gross Mean Prospective Resources of 6.47 mmbls • EA Permit received & Planning
Slide 13: Shale-Gas Assets
Shale-Gas Assets Key Characteristics of Springs Road-1 Gainsbosrough Shale • 164,280 net acres (664km2 net) with estimated Mean volumes of undiscovered GIIP of 47.6 TCF • Core area is the Gainsborough Trough where the Group holds interests in 71,361 net acres • Highly positive preliminary results fr
Slide 14: Energy Transition
Energy Transition • The UK is committed by law to reaching “net zero” carbon emissions by 2050 • The Committee on Climate Change identifies the continuing need for oil and gas up to and beyond 2050 • The energy transition presents a number of business opportunities • Egdon sees the potential for rep
Slide 15: Energy Transition - Geothermal
Energy Transition - Geothermal • Geothermal Energy utilises the core skills, knowledge, and operating experience available within the Company • Egdon has completed an initial review of potential within our existing wells and fields and concluded that a number have potential for geothermal heat • The
Slide 16: Outlook
Outlook • Production guidance for the full year of 110-130 boepd Our key operational focus for the coming period will be: • Progressing the proppant squeeze at the Wressle oil field to attain target production of 150 boepd net to Egdon • Securing planning consent for the Biscathrope-2Z side-track, t
Slide 17: Summary
Summary ✓ Wressle oil field expected to add 150 boepd following proppant squeeze Conventional ✓ Biscathorpe-2Z side-track and North Kelsey-1 2021* Oil & Gas ✓ Resolution & Endeavour 3D seismic acquisition ✓ Keddington and Waddock Cross additional development potential being progressed ✓ Significant
Slide 18: 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