News

May 04, 2009

Egdon Resources Reveals Its 2009 Ambitions As It Heads Into The Black

With plans to raise output significantly this year, and after achieving a maiden profit for the six months to January 2009, AIM-listed Egdon Resources plc is coming good at the right time. Amid a stricken world economy and global financial crisis, Egdon’s shares have shown defiance, surging upwards since the start of the year, and are now close to reclaiming their mid-2008 highs.

If things go to plan, then the company could exit 2009 in even better shape: the goal is to grow total output from about 125 barrels of oil equivalent per day (boepd) currently to as much as 500 boepd by the year-end.

But not all are familiar with the Egdon story. When management released the interim results for the six-month period to January 31, 2009 last week there was little fanfare in the press.

Oilbarrel.com regulars will remember that this is the company that...