Duyuru • Sep 15
Egdon Resources Announces Cancellation of Admission of Shares to Be on 18 September 2023 On 17 May 2023, the board of Egdon Resources plc announced that they had reached agreement regarding the terms of a recommended all cash acquisition for the entire issued and to be issued ordinary share capital of Egdon (other than those shares already owned by or on behalf of Petrichor) (the "Acquisition") pursuant to a Court-sanctioned scheme of arrangement of Egdon under Part 26 of the Companies Act 2006 (the "Scheme"). The scheme document in relation to the Scheme was published on 8 June 2023 (the "Scheme Document"). The Company announced on 12 September 2023 that the High Court of Justice had sanctioned the Scheme at the Court Sanction Hearing held earlier on the same date. Egdon would like to confirm the expected remaining Scheme timetable in full: Last day of dealings in, and for registration of transfers of, Egdon Shares is 14 September 2023. Effective Date of the Scheme is 15 September 2023. Suspension of Dealings in Egdon Shares is 7:30am on 15 September 2023. Cancellation of Admission of Egdon Shares is 7:00am on 18 September 2023. Duyuru • Sep 01
Egdon Resources plc Announces Wressle Update Egdon Resources plc announced that operations to install artificial lift on the Wressle-1 well (in which Egdon has a 30% interest) have commenced. The operations began with a slickline programme where downhole pressure and temperature gradients were acquired. Slickline operations have now been completed and the ongoing work programme includes recompleting the well for installation of a downhole jet pump and installing the associated surface equipment. It is expected that these operations will last around three weeks and that production from the Wressle-1 Well is expected to be reinstated in late September. The downhole data obtained from these activities is being incorporated into the ongoing work by ERC Equipoise Ltd. and the impact of the artificial lift will be included in the independent Competent Person's Report which will be announced once this additional work is completed. Duyuru • May 18
Egdon Resources Expects to Delist from LSE The board of directors of Egdon Resources plc announced that they have reached agreement with Petrichor Partners, LP ("Petrichor") with regard to the terms of a recommended all cash acquisition by Petrichor of the entire issued and to be issued ordinary share capital (other than those shares already owned by or on behalf of Petrichor) of Egdon (the "Acquisition"). It is expected that the last day of dealings in Egdon Shares on the London Stock Exchange's AIM market will be the Business Day immediately prior to the Effective Date and no transfers will be registered after 6.00 pm (London time) on that date. Subject to the Scheme becoming effective, Egdon will make an application to the London Stock Exchange for the cancellation of the admission to trading of the Egdon Shares on the London Stock Exchange's AIM market, to take effect on or shortly after the Effective Date. Following the Scheme becoming Effective and after the delisting and cancellation of admission to trading of the Egdon Shares, it is intended that Egdon be re-registered as a private limited company as soon as practicable following the Effective Date. Reported Earnings • Apr 25
First half 2023 earnings released: EPS: UK£0.001 (vs UK£0.002 in 1H 2022) First half 2023 results: EPS: UK£0.001 (down from UK£0.002 in 1H 2022). Revenue: UK£3.73m (up 46% from 1H 2022). Net income: UK£435.0k (down 64% from 1H 2022). Profit margin: 12% (down from 48% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 13% p.a. on average during the next 2 years compared to a 3.2% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 04
Price target increased by 47% to UK£0.15 Up from UK£0.10, the current price target is provided by 1 analyst. New target price is 500% above last closing price of UK£0.025. Stock is down 32% over the past year. The company is forecast to post earnings per share of UK£0.0061 for next year compared to UK£0.0064 last year. Major Estimate Revision • Mar 21
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from UK£6.11m to UK£7.06m. EPS estimate increased from UK£0.0032 to UK£0.0061 per share. Net income forecast to grow 0.4% next year vs 0.4% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£0.10. Share price was steady at UK£0.026 over the past week. Major Estimate Revision • Jan 18
Consensus revenue estimates fall by 23% The consensus outlook for revenues in 2023 has deteriorated. 2023 revenue forecast decreased from UK£7.96m to UK£6.11m. Forecast losses increased from UK£0.01 to UK£0 per share. Oil and Gas industry in the United Kingdom expected to see average net income growth of 6.0% next year. Consensus price target down from UK£0.11 to UK£0.10. Share price was steady at UK£0.028 over the past week. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Chairman Philip Henry Stephens was the last independent director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 09
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: UK£0.006 (up from UK£0.005 loss in FY 2021). Revenue: UK£6.91m (up UK£5.82m from FY 2021). Net income: UK£3.30m (up UK£4.98m from FY 2021). Profit margin: 48% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 13
Price target increased to UK£0.22 Up from UK£0.15, the current price target is an average from 2 analysts. New target price is 465% above last closing price of UK£0.04. Stock is up 116% over the past year. The company is forecast to post earnings per share of UK£0.0057 next year compared to a net loss per share of UK£0.0051 last year. Major Estimate Revision • May 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from UK£6.91m to UK£6.46m. EPS estimate rose from UK£0.01 to UK£0.01. Net income forecast to grow 366% next year vs 58% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£0.15. Share price rose 2.7% to UK£0.037 over the past week. Price Target Changed • May 19
Price target decreased to UK£0.15 Down from UK£0.16, the current price target is an average from 2 analysts. New target price is 304% above last closing price of UK£0.036. Stock is up 118% over the past year. The company is forecast to post earnings per share of UK£0.005 next year compared to a net loss per share of UK£0.0051 last year. Major Estimate Revision • May 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from UK£6.15m to UK£6.91m. EPS estimate unchanged from UK£0.005 at last update. Oil and Gas industry in the United Kingdom expected to see average net income growth of 83% next year. Consensus price target down from UK£0.16 to UK£0.15. Share price fell 3.3% to UK£0.029 over the past week. Price Target Changed • Apr 27
Price target increased to UK£0.16 Up from UK£0.14, the current price target is an average from 2 analysts. New target price is 449% above last closing price of UK£0.029. Stock is up 68% over the past year. The company posted a net loss per share of UK£0.0051 last year. Reported Earnings • Apr 27
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up UK£1.04m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the next year, revenue is forecast to grow 49%, compared to a 46% growth forecast for the industry in the United Kingdom. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Chairman Philip Henry Stephens was the last independent director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Mar 23
Price target increased to UK£0.16 Up from UK£0.14, the current price target is an average from 2 analysts. New target price is 405% above last closing price of UK£0.031. Stock is up 51% over the past year. The company posted a net loss per share of UK£0.0051 last year. Reported Earnings • Nov 04
Full year 2021 earnings released: UK£0.005 loss per share (vs UK£0.015 loss in FY 2020) Full year 2021 results: Net loss: UK£1.68m (loss narrowed 65% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 04
Price target decreased to UK£0.14 Down from UK£0.15, the current price target is provided by 1 analyst. New target price is 736% above last closing price of UK£0.017. The company posted a net loss per share of UK£0.0051 last year. Price Target Changed • Apr 29
Price target increased to UK£0.14 Up from UK£0.13, the current price target is an average from 3 analysts. New target price is 747% above last closing price of UK£0.017. Stock is down 8.1% over the past year. Analyst Estimate Surprise Post Earnings • Jan 18
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 50%. Earnings per share (EPS) exceeded analyst estimates by 91%. Over the next year, revenue is forecast to grow 182%, compared to a 31% growth forecast for the Oil and Gas industry in the United Kingdom. Reported Earnings • Jan 15
Full year 2020 earnings released: UK£0.015 loss per share Full year 2020 results: Net loss: UK£4.75m (loss widened 177% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 33% per year. Price Target Changed • Jan 08
Price target lowered to UK£0.23 Down from UK£0.35, the current price target is an average from 2 analysts. The new target price is 1,306% above the current share price of UK£0.016. As of last close, the stock is down 54% over the past year. Reported Earnings • Jan 07
Full year 2020 earnings released: UK£0.015 loss per share Full year 2020 results: Net loss: UK£4.75m (loss widened 177% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Jan 07
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 50%. Earnings per share (EPS) exceeded analyst estimates by 91%. Over the next year, revenue is forecast to grow 322%, compared to a 38% growth forecast for the Oil and Gas industry in the United Kingdom.