Oil explorer Lenigas continued its recent good run after its revealed it has sold its remaining minority in the US Gulf of Mexico.
The company is receiving $1.25m for its interests in seven leases which, during 2011, earned £383,000 in revenue for the company and £204,000 in profits. The funds obtained will reduce the needs to source additional capital through the equity or debt markets and will permit Lenigas to actively accelerate the development of its Trinidad portfolio.
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Egdon Resources, the exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and France, fell into the red in the year to the end of July. Loss before tax was £2.89m versus a profit the previous year of £4.08m as the group took impairment charges of £3.15m in aggregate in respect of the Kirkleatham (£1.60m), Ceres (£0.75m) and Markwells Wood assets (£0.80m). Revenue from oil and gas production during the year was up 9.9% to £2.61m from £2.38m the year before on slightly lower production of 45,656 barrels of oil equivalent (2011: 46,919 barrels). As at 31 July 2012, the group had £3.33m of cash and cash equivalents, down from £3.69m a year earlier.
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