Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Exploration and production company Egdon Resources reported a sharp fall in half-yearly profit amid asset writedowns owing to the plunge in energy prices.
For the six months ended 31 January 2020, pre-tax losses widened to £3.2m from 724K on-year as revenue fell to £675K from £1.2m.
The loss included impairments totalling £2.19m, reflecting the reduced oil and gas prices seen and the lower forward curves.
'Impairments has been made to Ceres, Dukes Wood/Kirklington and certain non-core unconventional licences (PEDL001, PEDL130, PEDL202, EXL253 and PEDL039),' the company said.
Production guidance for the full financial year was 130-140 boepd, from Ceres, Keddington and Fiskerton Airfield, the company added. At 10:01am: (LON:EDR) Egdon Resources PLC share price was -0.2p at 1.9p