Egdon Resources reports the following operations update ahead of the announcement of the Company's Final results scheduled for 11 November 2014.
Egdon continues to make good progress across the business. Average net daily production for the financial year to 31 July 2014 was 238 boepd against our production guidance of 200 boepd, helped by strong performance from the Ceres gas field. Liquids production for the period was 53 boepd net.
Additional detailed work has now confirmed the preliminary evaluation of the Wressle-1 well results, which were announced on 2 September 2014 and which indicated potential hydrocarbon bearing zones in three separate reservoir intervals. We are currently finalising the design and logistics for the testing programme and expect to commence testing using a work-over rig during November 2014 following the drilling of the Burton on the Wolds-1 conventional exploration well where operations have now begun.