Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EGDON RESOURCES PLC. We currently have 53 research reports from 4 professional analysts.
|08Dec16 01:00||RNS||Results of Annual General Meeting|
|30Nov16 03:45||RNS||Directors' Share Dealing|
|30Nov16 11:55||RNS||TR-1 - Notification of Major Interest in Shares|
|16Nov16 07:00||RNS||UK Onshore Licence Interest Acquisition|
|15Nov16 01:23||RNS||Springs Road Planning Decision|
|14Nov16 01:13||RNS||TR-1: Notification of Interest|
|14Nov16 12:32||RNS||TR-1: Notification of Interest|
Frequency of research reports
Research reports on
EGDON RESOURCES PLC
EGDON RESOURCES PLC
Unlevered UK shale play
05 Dec 16
Post the fund-raise, Egdon has zero debt and cash of c £7.0m, making it the largest unlevered UK-listed shale play. Licences span over 200,000 net acres with an ERCE estimated undiscovered gas initially in place (GIIP Pmean) of 48tcf. Our valuation is adjusted for placing proceeds and associated NAV/share dilution; this is offset by inclusion of 14th round licence awards. Our valuation is broken down in to 3.7p/share for core 2P value (including cash and net of G&A) and 18.5p/share for contingent resource and risked exploration. We also include an indicative dollars per acre shale valuation of 25.7p/share.
Delivering and Stronger Going Forward
02 Nov 16
Egdon Resources (EDR)# reported its results for the year ended 31 July 2016 with production during the period averaging 177boepd (+2% YoY) in line with our expectations and company guidance of 180boepd. However, revenue was 23.3% lower YoY to £1.59m (2015: £2.07m) due to continued weak hydrocarbon prices. EDR recorded a net-loss of £2.69m for the year, a reduction of 40% YoY (2015: £4.47m net-loss) as write downs on exploration costs and impairments were reduced to £0.72m (2015: £3.6m).
Growing unconventional resource base
01 Nov 16
Egdon has announced results for FY16 and a £3m placing with Heyco International at 13.5p/share. A £2m open offer has also been announced on the same terms as the Heyco placing. Proceeds are to be used to: 1) progress 14th Licensing Round evaluations; 2) progress the ‘A’ prospect to drillable status; 3) invest in producing assets and conventional exploration; and 4) invest in new opportunities. Egdon’s balance sheet strength and growing unconventional gas position (ERCE 48tcf mean undiscovered GIIP net) set it apart from its UK shale peers.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.