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.
Subsidiary sale lifts Egdon
UK and Europe-focused Egdon Resources (EDR) has made £4.1 million annual pre-tax profits after selling its New Ventures arm for £4.3 million.
The AIM-quoted company increased production 73 per cent to 46,919 barrels of oil equivalent, despite challenging weather last winter, and doubled turnover to £2.4 million in the year to July, but cost of sales and administrative expenses rose 86 per cent to nearly £2.8 million.
Hampshire-based Egdon, which brought its Kirkleatham gas field in Yorkshire into production in April and carried out successful drilling at Keddington in Lincolnshire, parted with some French assets with the sale of New Ventures but also gained two French permits by buying EnCore (E&P) for £100,000.
The company, chaired by Philip Stephens and steered by managing director Mark Abbott, which sold a 10 per cent stake in Hampshire's Avington oil field for £400,000, now has stakes in 29 licences in the UK and France and is awaiting the award of three more, including one described by Stephens as 'containing a potentially significant near-shore gas discovery'.
He says Egdon, which ended July with £3.7 million cash, plans to participate in up to 12 wells over the coming 18 months, targeting 33 million barrels of oil equivalent. Abbott points out regulatory delays have had an impact on Fench operations, though recent French laws banning hydraulic fracturing ('fracking') apply to oil shale targets and not to Egdon's primarily conventional oil reservoir targets.
Stephens says the best estimate of the company's overall prospective resources is 248 million barrels of oil equivalent, though he warns reduced output from Kirkleatham will cut expected daily production from existing fields from 500 to 400 barrels of oil equivalent. Floated at 30p seven years ago, Egdon shares have traded between 24p and 11.88p over the past 12 months and now change hands at 14.5p, up 0.5p this morning, to value the company at £18.3 million.
Unless the significant discovery hinted at materialises, the shares are unlikely to be exciting performers in the near term.
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