VSA Morning Flow Test, 01/03/21
Egdon Resources (LON:EDR)
Egdon Resources (LON:EDR) has announced that an application for side-track drilling at Biscathorpe has been submitted to Lincolnshire County Council. This covers testing and long term oil production and would enable EDR to realise value on the project in which it has a 35.8% interest. It is worth noting that the Wressle application was submitted to North Lincolnshire County Council and the two are not the same.
Approval could see drilling as early as H2 2021. This is a key asset for EDR and with Wressle in its commissioning phase Biscathorpe now represents one of EDR’s most advanced targets for increasing production and cashflows.
We reiterate our Buy recommendation and 20p target price.
Oliver O'Donnell, CFA, Head of Research & Natural Resources Analyst | T: +44 (0)20 3617 5180 | E: oodonnell@vsacapital.com
#Indicates VSA house stock.
All disclosures and supporting charts can be found in the PDF version.
VSA Capital Research | T: +44 (0)20 3005 5000 | E: research@vsacapital.com
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