Egdon's (LON:EGRE) operational update issued this morning highlights several conventional and unconventional catalysts expected over the next 12 months. Our Egdon valuation remains at 21.5p/share risked conventional value with 26.0p/share for indicative unconventional upside potential; see our note published 17 July 2017 for further details.
Conventional assets: Wressle – a planning appeal hearing is expected in early November and a decision is likely in early 2018. Wressle has potential to add 125bopd of net production once established. Fiskerton – a workover at the newly acquired Fiskerton Airfield is expected to increase production from current 17-18b/d net to Egdon on completion. Holmwood-1 – expected to be drilled in Weald Basin (Egdon 18.4%) with potential exposure to the Kimmeridge Limestone, which is due to be tested at the nearby Brockham oilfield as well as the Horse Hill and Broadford Bridge discoveries. Biscathorphe – drilling operations at the Biscathorpe-2 well are expected to commence in early 2018 (Egdon 7.4mmbbl P50 prospective)
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