VSA Morning Flow Test, 26/02/20
Egdon Resources (LON:EDR)
Egdon Resources (LON:EDR) has announced production for H1 FY 2020 averaged 178boepd, up 8.5% YoY and in line with guidance of 170-180obepd for the full year. EDR has, however, reiterated its full year guidance of 130-140boepd and our full year production estimate of 135boepd remains unchanged. This is due to expected decline on existing fields, notably Ceres.
However, with Wressle now approved and the company working towards meeting the planning conditions before commencing site works the company is well placed for a significant uptick in production in FY 2021F.
The company also announced that interim results are due to be announced on 21 April 2020.
We reiterate our Buy recommendation and 38.4p/sh.