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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Egdon Resources plc    EDR   GB00B28YML29

EGDON RESOURCES PLC

(EDR)
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Egdon Resources Shares Jump on Shell Agreement

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01/21/2020 | 08:38am EST

By Adria Calatayud

Shares in Egdon Resources PLC rose Tuesday after the company said it has signed a farm-in agreement with Royal Dutch Shell PLC British subsidiary for two U.K. offshore licenses.

The U.K. oil-and-gas company said Shell will acquire a 70% working interest in licenses P1929 and P2304--which respectively host the Resolution and Endeavour gas discoveries--and be appointed as operator of the assets, while Egdon will retain a 30% interest.

Shares in Egdon at 1313 GMT were up 19% at 6.25 pence.

Shell will pay 85% of costs of the acquisition and processing of a 3D seismic survey covering both the Resolution and Endeavour gas discoveries up to a maximum amount of $5 million, Egdon said. If the costs exceed $5 million, Shell will cover 70% of the costs, Egdon said.

Shell will also pay all studies and manpower costs up to a well-investment decision on the licenses, Egdon said.

In December, Egdon said it had been granted an extension to the licenses to May 31 subject to securing a farm-in agreement by Jan. 31.

Write to Adria Calatayud at adria.calatayud@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
EGDON RESOURCES PLC 0.00% 3.9 Delayed Quote.13.04%
LONDON BRENT OIL -1.97% 55.06 Delayed Quote.-13.77%
ROYAL DUTCH SHELL -1.81% 21.465 Delayed Quote.-16.45%
WTI -2.58% 50.08 Delayed Quote.-12.86%
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Latest news on EGDON RESOURCES PLC
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Financials (GBP)
Sales 2020 1,84 M
EBIT 2020 -1,25 M
Net income 2020 -1,59 M
Debt 2020 0,50 M
Yield 2020 -
P/E ratio 2020 -5,57x
P/E ratio 2021 -13,0x
EV / Sales2020 6,70x
EV / Sales2021 3,48x
Capitalization 11,8 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 28,85  GBp
Last Close Price 3,90  GBp
Spread / Highest target 900%
Spread / Average Target 640%
Spread / Lowest Target 379%
EPS Revisions
Managers
NameTitle
Mark Anthony William Abbott Managing Director & Director
Philip Henry Peter Stephens Non-Executive Chairman
Martin Durham Director & Technical Director
Walter Rookehurst Roberts Secretary & Non-Executive Director
Kenneth Maurice Ratcliff Non-Executive Director
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