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Egdon Resources reports annual loss as expenses offset rising revenue

By BFN News | 02:09 PM | Tuesday 19 November, 2019


Oil company Egdon Resources booked a full-year loss after rising revenue was offset by expenses. Pre-tax losses for the year through July amounted to £1.72m, compared to loses of £1.98m on-year. Revenue rose 81% to £2.20m and was offset by write-downs, pre-licence costs and an impairment charge. Production more than doubled to 182 barrels of oil equivalent per day, up from 84 boepd. Production for the current financial year was set at 130-140 boepd. 'Against a backdrop of continued political uncertainty and challenging operational and market conditions I am pleased to be able to report on a year of increased production and operational activity that has seen the company make progress in some key strategic areas,' chief executive Philip Stephens said. At 2:09pm: (LON:EDR) Egdon Resources PLC share price was -0.5p at 2.75p Story provided by StockMarketWire.com

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