Egdon Resources (EDR)# reported FY 2015 results slightly below our expectations, with a combination of weak hydrocarbon prices and a lower production rate (-27% YoY) leading to reduced revenues of £2.07m (-30% YoY). This led to a loss per share of 2.0p vs a loss of 0.3p/share in H2 2014, mainly due to non-cash items including pre-licence costs, impairments and write-downs of non-core licences in Southern England and France of £3.6m.
