Egdon Resources — Shareholder Meeting (December 2019)
17 slides from Egdon Resources's shareholder meeting presentation, Dec 19, 2019
Slide 1: Egdon Resources plc Annual General Meeting
Egdon Resources plc Annual General Meeting www.egdon-resources.com 1 AGM Presentation – 19 December 2019
Slide 2: Egdon at a Glance
Egdon at a Glance • Established oil & gas exploration & production company formed in 1997 • Onshore UK focus • Existing production and cash flow • Nearshore gas appraisal opportunities and significant exploration assets • Significant unconventional resources acreage/gas resource position Production
Slide 3: Strategy
Strategy Status/Progress ✓ Ceres production delivered 117% increased group production ✓ Appeal heard at public inquiry for Wressle field development ✓ Field rejuvenation under review for shut-in fields ✓ Operated drilling at Biscathorpe-2, Q1 2019 ✓ Completed CPR (Competent Person’s Report) on Resol
Slide 4: Highlights 2019
Highlights 2019 • 117% increase in production to 182 barrels of oil equivalent per day (“boepd”) (2018: 84 boepd) • 81% increase in oil and gas revenues to £2.20 million (2018: £1.21 million restated) • Loss for the year-ended 31 July 2019 of £1.72 million (2018: loss of £1.98 million) • Production
Slide 5: Subsequent Events
Subsequent Events • Springs Road-1 analyses provisionally indicate a three-fold increase in resource density for the Bowland Shale compared to previous independent assessment (ERCE 2014) • UK government announced a moratorium on high volume hydraulic fracturing operations for shale gas in England •
Slide 6: Production
Production 7 • 117% increase in average daily production to 182 boepd (2018: 84 boepd) 1 4 • Production from the Ceres(1), 2 3 Keddington(2) and Fiskerton 8 Airfield(3) fields • Restart of Ceres(1) production in October 2018 following installation of new flow meter • Public Inquiry concluded for Wre
Slide 7: Wressle Update
Wressle Update • Public Inquiry held 5-7 November 2019 • Led by QC and 5 expert witnesses • NLC did not present evidence at the inquiry and agreed a far-reaching Statement of Common Ground • Costs application submitted and accepted by NLC • Planning Decision expected no later than 17 February 2020 (
Slide 8: Resolution & Endeavour Gas Discoveries
Resolution & Endeavour Gas Discoveries • Exclusivity agreement signed with a large internationally recognised exploration and production company for the farmout of P1929 and P2304. 19 January 2020 target for execution of farmout. • OGA licence extensions granted for P1929 (Resolution) and P2304 (End
Slide 9: Biscathorpe-2 Update
Biscathorpe-2 Update • Biscathorpe-2 (EDR: 35.80%) drilled to a TD of 2133 m in February 2019 • Basal Westphalian Sandstone target encountered high to prognosis and was poorly developed or absent • The “Biscathorpe Play” remains untested with potential elsewhere on this large prospect • Subsequent d
Slide 10: Exploration/Appraisal – Other Projects
Exploration/Appraisal – Other Projects Cloughton Endeavour 1 2 Carboniferous tight gas Permian (Zechstein) gas discovery (KM-8 analogue) discovery c.28 bcf (net Egdon) 18 bcf (net Egdon) 4 3 North Kelsey Kirk Smeaton Multi-target Westphalian and Namurian sandstone Namurian tight gas prospect Discove
Slide 11: Shale Gas Moratorium
Shale Gas Moratorium • The written ministerial statement of November 2019 announced a moratorium on hydraulic fracturing for shale gas • Hydraulic fracturing is a long-standing technology used around the world within industry, including the oil and gas, water and geothermal sectors • As a technicall
Slide 12: Springs Road-1 Results
Springs Road-1 Results • Springs Road-1 drilled in Q1 2019, to a depth of 3500m, with 147 m of core collected and analysed along with an extensive suite of wireline log and other data • Egdon’s 14.5% interest fully carried • 429m of hydrocarbon bearing shales encountered within the primary target –
Slide 13: Characteristics of Springs Road-1 Bowland Shale
Characteristics of Springs Road-1 Bowland Shale 13 Source: IGas Interim Results Presentation October 2019 AGM Presentation – 19 December 2019
Slide 14: Gainsborough Trough
Gainsborough Trough • Gainsborough Trough = Egdon core area • Egdon = third largest acreage holder with 82,000 net acres • Highly positive preliminary results from Springs Road-1 (EDR 14.5% carried) begins to validate Egdon’s strategic focus on the Gainsborough Trough • Basin characterised by simple
Slide 15: Priorities & Outlook
Priorities & Outlook • Production guidance for the full financial year 2019-20 is 130-140 boepd, from Ceres, Keddington and Fiskerton Airfield Our key operational focus for the coming period will include: • Conditional upon a positive outcome to the recent planning inquiry, developing the Wressle oi
Slide 16: Summary
Summary ✓ Exclusivity agreed with an industry “major” for farmout = 3D Seismic planned “Significant over Resolution & Endeavour gas discoveries conventional ✓ Oil discovered in Biscathorpe-2 Dinantian Limestone = working petroleum resources exploration/appraisal system portfolio” ✓ Possible Biscatho
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
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