Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
French sale boosts Egdon Resources
Egdon Resources (EDR) has made an interim £4.4 million pre-tax profit, thanks to selling some French assets, and is looking for fresh expansion. The Hampshire-based company turned an operating loss of £220,000 into a £99,000 operating profit in the six months to January on revenues up 87 per cent to £932,000 and lifted earnings more than 30 times to 3.36p a share.
During its frst half year, AIM-quoted Egdon lifted production from its onshore UK assets 56 per cent to 17,671 barrels of oil. However, first production from its 40 per cent-owned Kirkleatham gas well in Yorkshire has been temporarily held up, partly because of winter bad weather, and its 10 per cent-owned Ceres well in France will only start producing next month, after operational delays.
May should also bring the restart of the UK Keddington field and this year should bring the testing of the Markwells Wood discovery in Sussex by its operator, Northern Petroleum. Egdon ended January with a portfolio of 30 licences in the UK and France and estimated prospective resources of 290 million barrels of oil equivalent, though the company fears a French political moratorium on oil shale drilling will stop work at its Mairy permit in the Paris Basin, a state of affairs compared by managing director Mark Abbott to a 'Third World dictatorship'.
With year-end cash up from £1.5 million to £5.3 million, Abbott says Egdon continues to keep its eyes open for acquisitions, of assets or companies and asserts it could make money from its existing onshore assets even if oil fell from $121 to $40 a barrel. Floated at 30p in 2004 and recommended by Growth Company Investor at 12.5p last November, Egdon shares now trade at 20.75p, up 1.25p this morning, valuing the company at £27.2 million.
Hold on for now.
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