Significant Increase in H1 Production and Revenues

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
8 February 2012 
 
          Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') 
 
          Significant Increase in First Half Production and Revenues 
 
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and 
development company with a combination of producing and exploration assets in 
Europe, is pleased to announce a significant improvement in UK production and 
revenues generated during the six month period ending 31 January 2012 compared 
to the equivalent period last year. The Company currently has three producing 
assets in the UK, all located onshore in the East Midlands, with a 100% working 
interest in the West Firsby and Crosby Warren fields and a 65% working interest 
in the Whisby 4 well. 
 
Highlights (unaudited) 
 
  * 61% increase in H1 2012 revenues to GBP2.4 million compared with GBP1.5 million 
    in the same period in the previous year 
 
  * Revenue improvement due to: 
 
      + 23% increase in volumes to 187 barrels of oil per day (`bopd') compared 
        with 151 bopd during the equivalent period last year 
 
      + 39% increase in oil price to US$108.9 per barrel compared with US$82.7 
        in 2011 
 
  * Increase in volumes due to: 
 
      + the West Firsby WF-9 well coming on stream 
 
      + reduced downtime caused by breakdowns, drilling activities and weather 
        conditions 
 
  * Foreign exchange movements negatively impacted revenues by 1% 
 
Europa's CEO, Hugh Mackay commented, "I am highly encouraged by the performance 
of our producing UK assets during the first half of the year. Daily production 
has been consistently higher than that of the previous year despite the recent 
workover programme for West Firsby 7. I commend our operations team for their 
dedication and hard work in delivering this improvement and their ongoing 
efforts to improve operating efficiency. 
 
"Our UK production continues to generate more than enough cashflow to cover our 
operating costs and provides a solid foundation from which we can develop our 
other highly exciting assets. Little or no value is being attached to our 
highly prospective portfolio of exploration and development assets that include 
the Berenx gas appraisal project and the Tarbes Val d'Adour re-development 
project, both of which are located in France. Management are committed to 
realising the inherent value of our portfolio and I look forward to updating 
the market on our progress in this regard in due course." 
 
                                 * * ENDS * * 
 
For further information please visit www.europaoil.com or contact: 
 
Hugh Mackay Europa Oil & Gas (Holdings) plc           [phone] 
Phil Greenhalgh Europa Oil & Gas (Holdings) plc       [phone] 
 
Sarah Wharry finnCap Ltd                              [phone] 
Henrik Persson finnCap Ltd                            [phone] 
 
Frank Buhagiar St Brides Media and Finance Ltd        [phone] 
Lottie Brocklehurst St Brides Media and Finance Ltd   [phone] 
 
Notes 
 
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage 
hydrocarbon assets that includes production, exploration and development 
interests, in countries that are politically stable, have transparent licensing 
processes, and offer attractive terms. The Company currently produces 
approximately 200 barrels per day of oil in the UK, generating sufficient 
revenues to cover corporate overheads. In addition, it has highly prospective 
exploration projects in the UK, Ireland France and Romania, the most 
significant asset being the Berenx gas appraisal project in onshore France. 
 
 
 
END