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Interim Results
Europa Oil & Gas, the 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 2015.
Highlights:
* Irish prospect inventory received from Kosmos identified 1.5 billion
barrels of gross mean un-risked prospective oil resources
* Wressle exploration well in PEDL180, Lincolnshire, discovered oil with
aggregate production from all payzones of 710 boepd during testing
operations
* Applications submitted for 14th UK onshore licensing round
Financial performance:
* Revenue £1.3m (H1 2014: £2.1m)
* Pre-tax loss prior to field impairments of £0.3m, (H1 2014: pre-tax profit
from continuing operations £0.5m)
* Pre-tax loss post field impairments of £1.4m (H1 2014: pre-tax profit from
continuing operations £0.5m)
* Net cash generated from operations £0.2m (H1 2014: £0.6m)
* Cash balance at 31 January 2015 £3.6m (31 January 2014: £4.8m)
Post reporting date events
* Farm-out of Tarbes Val d’Adour permit in France to Vermilion Energy
* Oil and gas production from four intervals tested at the Wressle discovery
in PEDL180
* The Kiln Lane exploration well in PEDL181, Lincolnshire was drilled and
abandoned; whilst not a discovery, oil shows indicate a working petroleum
system in the licence
* A new Jurassic hybrid play recently reported in PEDL137 in the Weald Basin
next to Europa’s 40% owned PEDL143
* Retirement of Bill Adamson from the Board and appointment of Colin
Bousfield as Chairman
Europa’s CEO, Hugh Mackay said, “We are confident the momentum that has been established across our portfolio of multistage projects will be maintained in the second half of 2015 and beyond: a CPR on our Irish and UK licences; an extended well test on the Wressle discovery that may lead to a fast track development; and the results of our applications in the 14th UK onshore licensing round are anticipated following the general election. In addition, we are working with our new farm-in partner and operator Vermilion Energy to advance our Tarbes permit in onshore France and the farm-out of our Bearn des Gaves permit onshore France is ongoing.
“Outside our existing portfolio, we are evaluating a number of new opportunities, as we look to leverage our proven technical expertise to generate significant value for shareholders. This is precisely what we have done with our Irish licences, which our partner Kosmos Energy estimates have gross mean un-risked prospective resources of up to 1.5 billion barrels of oil. We are intent on building the very high reward component of our portfolio. Our recent technical work indicates that there is substantial exploration upside in the Porcupine Basin and we will be bidding for new licences in the 2015 Irish Atlantic Margin licensing round.”
