Europa Oil & Gas issue interim results

Revenue £2.1m (H1 2013: £2.2m)

Europa Oil & Gas (Holdings), an AIM listed oil and gas exploration and production company with a combination of producing, appraisal and exploration assets in Europe, announces its interim results for the six month period ended 31 January 2014.

Highlights:

* Béarn des Gaves permit onshore France renewed

* Acquired 3-D seismic offshore Ireland

* Produced 170 barrels of oil equivalent per day (“boepd”) (H1 2013: 177
boepd)

* Secured a 12 month extension on PEDL181, onshore UK

* Raised £4m in new equity via a placing and oversubscribed open offer

* Fully funded for 2014 drilling and exploration programme

Financial performance:

* Revenue £2.1m (H1 2013: £2.2m)

* Pre-tax profit £0.45m (H1 2013: pretax profit £0.20 m)

* Net cash generated from operations £0.6m (H1 2013: £1.0m)

* Cash balance at 31 January 2014 £4.8m (31 Jan 2013: £0.8m)

Post reporting date events

* Appointed Colin Bousfield to the Board as non-executive director

* Issued 940,000 share options at 8.9 pence

* RBS overdraft facility renewed

* Tarbes Val d’Adour permit onshore France renewed

* Started well permitting and planning for the Kiln Lane well

Europa’s CEO Hugh Mackay said, “Europa is fully funded for four exploration wells. Onshore UK we expect two exploration wells, Wressle and Kiln Lane, will be spudded in 2014, and we have further drilling candidates to follow. This summer we expect a drilling decision for our offshore Ireland licences which if positive may lead to two exploration wells, one in FEL 2/13 and one in FEL 3/13. Europa’s costs for both these potential wells are already funded by farm-in and the first one could be as early as 2015. Finally in France we have commenced well planning and permitting for a Berenx Shallow exploration well in parallel with farmout activity. Exploration success in the UK will boost cash flow and will enable portfolio growth; we believe exploration success in France or Ireland would be a company maker.”

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