Europa Oil & Gas (Holdings) Plc Final Results for the year to 31 July 2018

 
TIDMEOG 
 
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 
 
17 October 2018 
 
          Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company') 
 
                  Final Results for the year to 31 July 2018 
 
Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed oil and gas 
exploration, development and production company, announces its final results 
for the 12 month period ended 31 July 2018. 
 
The full Annual Report and Accounts will be available shortly on the Company's 
website at www.europaoil.com and will be mailed in November 2018 to those 
shareholders who have requested a paper copy. 
 
Operational highlights 
 
Offshore Ireland 
 
  * Six prospects with combined potential of 2.5 trillion cubic feet ('tcf') of 
    Gas Initially In Place ('GIIP') mapped on LO 16/20 in the Slyne basin. 
  * Completed Pre-Stack Depth Migration ('PSDM') reprocessing of 1,548km2 3D 
    seismic covering FEL 1/17 and FEL 3/13, in the South Porcupine. Prospect 
    inventory upgraded to 3.5 billion boe gross mean unrisked prospective 
    resources ('GMUPR') in six prospects. 
  * Completed PSDM reprocessing of 950 km2 3D seismic over FEL 2/13. Prospect 
    inventory identified 817mmboe GMUPR in three top ranked prospects. 
  * Porcupine virtual data room ('VDR') and farmout process opened. 
  * Commenced PSDM reprocessing of 770 km2 3D seismic data over LO 16/20 and 
    preliminary drilling planning for a possible 2019 exploration well on the 
    Inishkea prospect. 
 
  * Completed 976 km2 3D seismic acquisition over Cairn Energy operated LO 16/ 
    19. 
 
UK 
 
  * PEDL180 (Wressle) the Planning Inspectorate rejected an appeal against 
    North Lincolnshire County Council Planning Committee's decision to reject a 
    planning application for the Wressle oil development. A new planning 
    application for the Wressle oil development has been submitted to North 
    Lincolnshire County Council and is in the review process. 
  * The application to extend planning permission at the Wressle site was 
    refused by the planning committee; an appeal against this decision has been 
    submitted to the Planning Inspectorate. 
 
Financial 
 
  * Group revenue of GBP1.6m (2017: GBP1.6m) 
  * Exploration write-off GBP1.3m (2017: nil) 
  * Pre-tax loss of GBP2.3m (2017: loss GBP0.7m) 
  * Post-tax loss for the year GBP2.6m (2017: loss GBP0.5m) 
  * Cash used in operating activities GBP0.48m (2017: cash used GBP0.26m) 
  * Net cash balance as at 31 July 2018 GBP1.8m (31 July 2017: GBP3.6m) 
 
Post reporting date events 
 
  * PEDL143 (Holmwood) the Secretary of State for Environment, Food and Rural 
    Affairs, decided not to renew the lease at Bury Hill Wood, Coldharbour Lane 
    leading to a withdrawal of the planning application to drill from the site. 
 
Europa's CEO, Hugh Mackay, said "Europa has made a large technical and 
financial investment across virtually its whole Atlantic Ireland portfolio. 
This has involved three substantial 3D PSDM seismic reprocessing projects that 
started in January 2017 and will complete in October 2018. 
 
"Two South Porcupine reprocessing projects have been completed and have 
resulted in new prospect inventories for our three operated Porcupine licences, 
4.3 billion barrels GMUPR and six drill ready prospects. Our farmout process 
commenced in July 2018 and the target market of supermajors, majors and large 
independents are in the virtual and physical datarooms (VDR and PDR). We are 
encouraged by the recent farm-in of ExxonMobil to Nexen in FEL 3/18 and note 
that their 2019 Iolar well has the potential to de-risk 1 billion boe in five 
Europa pre-rift prospects in the basin. 
 
"Our Inishkea reprocessing project is nearing completion and the new prospect 
inventory will be issued in December, at which point the new VDR and PDR will 
be opened to potential farminees. We are looking to drill as early as 2019, 
subject to industry or financial partnering and  we have been sufficiently 
encouraged by the positive results to commence both the well planning and site 
survey preparation necessary for a 2019 spud. With the Corrib gas field going 
into decline and Ireland's demand for both gas and electricity forecast to 
increase in response to its vibrant economy we believe there is a window of 
opportunity for gas that we must seize at Inishkea. 
 
"Elsewhere, our existing UK onshore production continues to generate meaningful 
revenues which at current oil prices more than cover our operational expenses. 
We are hopeful these are set for a major boost in the year ahead should the 
planning application to develop the Wressle oil discovery in the East Midlands 
be approved.  At an estimated gross rate of 500bopd, Wressle would more than 
double our net output to around 240 bopd which, at today's oil prices, would 
provide us with a highly cash generative platform with which to invest in other 
projects. This could include new ventures which we are actively pursuing. 
Together with ongoing discussions with potential partners for our Atlantic 
Ireland licences, there is much activity taking place focused on generating 
significant value for our shareholders." 
 
Chairman's statement 
 
For an explorer and producer such as Europa, drilling wells is a key value 
driving activity.  While Europa did not participate in drilling activity during 
the review period, considerable technical work has been undertaken across our 
asset base to make our prospects drill ready. We have initiated the planning 
phase for drilling what could be a transformational well on our Inishkea 
prospect in the Slyne Basin, offshore Ireland as early as 2019.  Our intention 
is to participate in not one, but a series of high impact wells offshore 
Ireland and we have therefore been focused on building a pipeline of 
drill-ready opportunities, each of which has game-changing potential.  I am 
pleased to report that we are on target to exceed the six drill ready prospects 
by the end of 2018 foreseen in our last Annual Report and Accounts. 
 
Offshore Ireland 
 
With six licences covering an area of 4,985 km2 and containing over 30 
prospects that potentially hold GMUPR of more than 6.4 billion barrels of oil 
equivalent and 2.5 tcf of GIIP, Europa has an industry-leading position in 
Atlantic Ireland.  For an oil and gas company of Europa's size to be actively 
involved in opening up an emerging hydrocarbon region alongside supermajors, 
majors and large independents such as Exxon, Nexen, Equinor, TOTAL, Woodside 
and Cairn Energy, is a considerable achievement and one which we intend to 
build on. 
 
During the year and post period end, technical work programmes have been 
undertaken across our offshore Ireland portfolio. The objective, specifically 
for our South Porcupine and Slyne licences, has been to de-risk existing 
prospects and leads and deliver drill-ready targets. Though work is ongoing, 
this programme has been highly successful and today Europa has six drill-ready 
targets, with more expected by the end of the year.  We are now in a position 
to embark on the next phase of exploration in Atlantic Ireland, namely 
drilling. 
 
In line with this, planning is underway to drill a potentially transformational 
well as early as 2019 on LO 16/20 in the Slyne Basin, the Group's flagship 
licence where multiple structures with potentially over 2.5 tcf GIIP have been 
mapped.  The combination of a robust geological model that has undergone 
rigorous technical scrutiny, the targeting of a gas play that has been proven 
up by the nearby producing Corrib field and the Shell 18/20-7 gas discovery 
well drilled in 2010, the close proximity to infrastructure, and relatively low 
drilling costs due to shallow water depths, all make LO 16/20 a compelling 
investment.  We are therefore focusing on securing industry or financial 
partners at the project level to enable operations to commence as soon as 
possible. 
 
Elsewhere work on FELs 2/13, 3/13 and 1/17 in the South Porcupine has been 
centred on upgrading previously mapped prospects to drill-ready status so that 
once partners are in place, well planning and drilling can commence.  The 
results have exceeded expectations.  Not only has the multi-billion barrel 
prospectivity of the licences been confirmed and drill-ready targets been 
defined for each of the licences, but the definition of the structures and 
geology have been greatly enhanced.  The very positive response by the industry 
to the formal launch of the farmout in July 2018 suggests we are not alone in 
being impressed by the results. 
 
Subject to farmouts being secured and in line with our strategy, shareholders 
could soon be exposed to a series of high impact wells offshore Ireland. 
Furthermore, following a major seismic acquisition programme over the last few 
years, other operators are moving forward with their own drilling plans. Nexen, 
for example, is due to drill a well in FEL 3/18 during 2019.  Our licences 
feature all the plays being targeted, including the Cretaceous Fan play (a 
prolific producer offshore West Africa), the Cretaceous Shelf (which has 
yielded large discoveries offshore Senegal), the pre-rift play (from which 15 
billion barrels have already been produced from the UKCS Brent Province) and 
the Syn-Rift play (which has attracted considerable investment offshore 
Newfoundland).  As a result, Europa stands to benefit from any and all 
successes in Atlantic Ireland. 
 
Onshore UK 
 
During the year under review, Europa's production averaged 94 boepd from three 
fields in the East Midlands petroleum province, confirming Europa's position as 
the third largest onshore UK oil producer.  We constantly strive to increase 
our production, not just by making new discoveries, but also by evaluating and 
implementing initiatives to increase production and recovery rates at our 
existing oil fields.  A number of operational initiatives are underway and we 
hope to be in a position to report the results later in 2018. 
 
Bringing new discoveries online offers the potential to step up production 

rates.  With this in mind, we had hoped the Wressle discovery would be brought 
onstream in the first half of 2018 at an estimated rate of 500 bopd gross.  At 
this level, our 30% interest would have resulted in more than a doubling of our 
net production to over 240 boepd.  Following two unsuccessful planning 
applications to develop the field in 2017, both of which had been recommended 
by North Lincolnshire Council's own planning officers, Wressle remains 
undeveloped. A new application has since been submitted by the operator, Egdon 
Resources, and a decision by the Council's Planning Committee is expected later 
in 2018.  The partners are confident that this latest plan comprehensively 
deals with all outstanding issues and that this lucrative low risk development 
opportunity will soon gain the necessary approvals to enable it to be brought 
on stream without further delay. 
 
There has been disappointment for our Holmwood prospect on PEDL143 which lies 
close to the Horse Hill discovery and Brockham field in the Weald Basin. Post 
period end the Secretary of State for Environment, Food and Rural Affairs 
declined to renew the lease for the drill site. As a consequence we have had to 
withdraw our application to extend planning permission to drill from the Bury 
Hill Wood site. The plan now is to evaluate PEDL143's remaining prospectivity 
and develop a forward plan for the licence in conjunction with our partners. 
 
New licence areas 
 
In the year we have evaluated a number of new opportunities outside our 
existing portfolio. These have been at various stages of development and I am 
pleased to report that following completion of a comprehensive new country 
screening study an application has been made for a high impact exploration 
licence that has technical synergy with our existing Atlantic margin portfolio. 
We shall continue to seek projects that will add value, diversity and strength 
to Europa's portfolio. 
 
Board Changes 
 
In January 2018, changes were made to the Board, including my appointment as 
Non-Executive Chairman following Colin Bousfield's decision to step down from 
this role. I am a petroleum engineer with a background in senior oil and gas 
management, deal evaluation and execution, fundraising and investor relations 
most recently with Gemini Oil and Gas and Enterprise Oil. Brian O'Cathain, a 
geologist and petroleum engineer, was also appointed as a Non-Executive 
Director. He has held senior technical and commercial roles in major E&P 
companies, including Shell International, Enterprise Oil and Tullow Oil and 
gained first-hand knowledge of Corrib and the Slyne Basin when he was Managing 
Director of Enterprise Oil Ireland with responsibility for advancing Corrib 
towards development. Together we look forward to continuing our contribution to 
the exciting future of Europa. 
 
Outlook 
 
A significant part of Europa's strategy is high impact exploration centred on 
gaining early entry into new plays, undertaking comprehensive technical work to 
identify and de-risk targets to the point of drilling and then securing 
partners to take licences forward.  Having built up an industry leading licence 
position in the emerging hydrocarbon hotspot that is Atlantic Ireland and 
having subsequently established an inventory of high-grade prospects in various 
plays that is attracting the attention of industry heavyweights, Europa's 
management and technical teams have shown they can deliver.  The Board is 
therefore keen to replicate this success elsewhere and as a result new ventures 
that complement Europa's existing skillset and portfolio offshore Ireland and 
onshore UK licences are being pursued. 
 
Much work still remains to be done across our existing assets, notably securing 
partners with whom we can drill wells in the South Porcupine and also 
completing well planning in the proven Slyne Basin so that we are in a position 
to drill.  A considerable amount of activity is taking place both inside and 
outside our existing portfolio and I look forward to providing further updates 
during the year ahead, as we focus on exposing our shareholders to multiple 
value additive opportunities in a cost and risk efficient manner. 
 
I would like to thank the management, employees, consultants and operational 
personnel for their dedicated work and also the Board for their support and 
help with the changes during the year. 
 
Finally, may I thank our shareholders for their steadfast support over the past 
year when we have seen the beginnings of a recovery in our industry which I 
believe will be to the ultimate benefit of Europa. 
 
Simon Oddie 
 
Chairman 
 
Operations 
 
Offshore Ireland: Exploration 
 
Europa's portfolio of six licences in Atlantic Ireland covers an area of over 
4,985 km2, includes six play types in three basins and contains over 30 
prospects and leads that potentially hold over 6.4 billion barrels GMUPR of oil 
and 2.5 tcf of gas (GIIP). 
 
The region has seen considerable activity and investment by supermajors, majors 
and leading independents in recent years. Specifically, 30,000 km2 of 3D 
seismic has been acquired by blue chip operators such as Exxon, Woodside, 
Nexen, Cairn and Equinor as part of work programmes centred on de-risking a 
diverse range of plays that have proven to be prolific elsewhere in the North 
and South Atlantic margins.  In the South Porcupine Basin, these include the 
Cretaceous Fan and Shelf plays which are considered to be analogous to the 
Jubilee and Mahogany oil fields in the equatorial Atlantic Margin province and 
Cairn's SNE discovery, offshore Senegal; the Pre-rift that is analogous to the 
North Sea Brent Province and Syn-rift plays that are analogous to the Flemish 
Pass play offshore Newfoundland.  Meanwhile due to the producing Corrib gas 
field, Triassic gas is a proven play in the Slyne basin.  Europa has a 
diversified prospect portfolio and is exposed to all these hydrocarbon plays. 
Any success in the region by other operators is therefore expected to have a 
positive read across for the Company. 
 
The acquisition and interpretation of substantial volumes of 3D seismic data by 
the industry has taken place over the last five years and represents the first 
phase of exploration in the Irish Atlantic Margin. The next five-year stage is 
likely to involve a sustained period of drilling activity, starting in 2019 
with Nexen testing the Iolar prospect on FEL 3/18.  Europa intends to play an 
active role in this drilling phase, initially at its flagship Inishkea gas 
exploration project near the Corrib gas field in LO 16/20. Here the Company has 
identified 2.5 tcf of GIIP across six prospects on the licence. In parallel 
with ongoing work to upgrade the prospects on LO 16/20 to drill ready status, 
planning has commenced with a view to drilling a well in 2019. 
 
Outside LO 16/20, during the period a substantial 2,498 km2 Pre-Stack Depth 
Migration ("PSDM") 3D seismic reprocessing project was completed over the 
Company's three operated licences in the South Porcupine, FELs 2/13, 3/13 and 1 
/17.  Following this work, Europa now has six drill-ready targets in the basin: 
Kiely East and Kiely West in FEL 2/13, Beckett and Wilde in FEL 3/13 and 
Edgeworth and Ervine in FEL 1/17.  Our top ranked prospects for site survey and 
drilling are Kiely East, Wilde and Edgeworth. A virtual data room for 
prospective farminees was opened in July 2018 with the objective to secure 
partners to drill wells on the Company's Porcupine licences. Target farminees 
are supermajors, majors and large independents and they are currently active in 
both the physical and virtual data rooms. 
 
Slyne Basin: LO 16/20 (Inishkea) 
 
LO 16/20 is located in the Slyne Basin adjacent to the producing Corrib gas 
field. Unlike licences in the South Porcupine Basin, LO 16/20 is very much 
exploration in a proven basin comprised of Triassic sandstone reservoirs in 
tilted fault block structures, with gas generated from Carboniferous source 
rocks. In 2010, Shell drilled the 18/20-7 exploration well into the Corrib 
North structure on LO 16/20, 7 km from the Corrib gas field.  Recently released 
well data has revealed that the well encountered a 70m gas column in the same 
Triassic sandstone reservoir as the Corrib field.  As drilling was terminated 
in the reservoir, Europa believes the full gas column could be up to 170m and 
the surface area of the structure could extend to 5.75 km2. The presence of a 
gas reservoir substantially de-risks not just Corrib North but other prospects 
on the licence. 
 
Based on the interpretation of historic 3D and 2D seismic, Europa has to date 
identified 2.54 tcf GIIP in six prospects and leads in the Triassic Gas 
hydrocarbon play on LO 16/20 (see table): 
 
Prospect                GIIP (tcf) 
 
Corrib North discovery  0.04 
 
Inishkea                1.10 
 
Inishkea NW             1.09 
 
Inishkea W              0.21 
 
Corrib NW               0.03 
 
Bofin lead              0.07 
 
Total                   2.54 
 
The over 2 tcf of prospective GIIP on LO 16/20 is likely to result in 
significant prospective resources assuming the 80% recovery factor achieved at 
Corrib is appropriate. The Inishkea prospects are in relatively shallow water 
in a proven gas play some 18 km from the Corrib gas field and associated 
infrastructure connecting it to the 350 million cubic feet of gas per day 
Bellanaboy gas processing plant.  The Corrib field production is currently in 
decline and spare capacity may become available in the Corrib gas 
infrastructure well before any LO 16/20 discovery would be developed. LO 16/20 
offers low risk, high impact exploration prospects that can be potentially fast 
tracked to commercialisation.  As a result, during the year under review the 
Inishkea prospects were upgraded by the Group to flagship status. 
 
The objective is to be able to drill a well on LO 16/20 in 2019.  To get to 
this point, various work streams are being run concurrently to upgrade the 
prospects to drill ready status, oversee well planning, find a rig and secure 

funding partners.  PSDM reprocessing of the existing 3D seismic is being 
undertaken to upgrade the quality of the data, deliver a new prospect inventory 
and de-risk the prospects. Reprocessing started in March 2018 and remains on 
course to be completed on schedule and on budget in Q4 2018.  At this point and 
subject to the results, a drill location for an Inishkea exploration well will 
be identified and we anticipate adding further drill ready prospects to the six 
already identified in the South Porcupine. OPC, a specialist subsurface and 
production engineering group, has been engaged for porosity and permeability 
modelling, development scenarios and costings. 
 
Given these circumstances, the Company is confident its dual focused strategy 
to fund an Inishkea exploration well will be successful either by securing 
industry partners via a conventional farmout or financial partners investing 
directly into the Company's wholly owned subsidiary Europa Oil & Gas (Inishkea) 
Limited. 
 
South Porcupine Basin: FELs 1/17, 2/13 and 3/13 
 
Europa holds four licences in the South Porcupine Basin.  These include three 
operated licences, FELs 1/17, 2/13 and 3/13, which are estimated to hold gross 
mean un-risked prospective resources of 4.3 billion barrels of oil equivalent 
(boe) across our top nine prospects, including firm drilling targets Edgeworth 
in FEL 1/17, Wilde in 3/13 and Kiely East in 2/13. The above volumetrics are 
utilise prospect mapping based on the 2017 and 2018 reprocessed PSDM 3D seismic 
data originally acquired in 2013. This has resulted in a marked improvement in 
seismic quality and a substantial de-risking of the prospect inventory.  The 
table below summarises the GMUPR across selected prospects in FELs 1/17, 2/13 
and 3/13 in the South Porcupine Basin: 
 
Licence    Prospect    Play                Gross Un-risked Prospective Resources 
 
                                                           mmboe* 
 
                                               Low     Best       High       Mean 
 
FEL 1/17   Ervine      Pre-rift                 63      159        363        192 
 
FEL 1/17   Edgeworth   Pre-rift                 49      156        476        225 
 
FEL 1/17   Egerton     Syn-rift                 59      148        301        167 
 
FEL 3/13   Beckett     mid-Cretaceous Fan      111      758       4229       1719 
 
FEL 3/13   Shaw+       mid-Cretaceous Fan       20      196       1726        747 
 
FEL 3/13   Wilde       Early Cretaceous         45      241       1082        462 
                       Fan 
 
FEL 2/13   Kiely East  Pre-rift                 52      187        612        280 
           + 
 
FEL 2/13   Kiely West  Pre-rift                 23      123        534        225 
           + 
 
FEL 2/13   Kilroy+     Cret. Slope Apron        37      177        734        312 
 
Total                                                                       4,329 
 
*million barrels of oil equivalent. The hydrocarbon system is considered an oil 
play and mmboe is used to take account of associated gas.  However, due to the 
significant uncertainties in the available geological information, there is a 
possibility of gas charge. 
 
 
+prospect extends outside licence, volumes are on-licence 
 
The new PSDM datasets for FEL 3/13, FEL 1/17 and FEL 2/13 from reprocessing 
completed in October 2017 and May 2018 has not only resulted in changes to the 
respective prospect volumes but, by significantly improving the accuracy of the 
maps, have substantially increased the company's confidence in the numbers. 
For example, the reprocessed data provided new insights into the Cretaceous fan 
prospects including the best evidence yet of hydrocarbons including updip 
pinchout, a gas-oil contact and conformance to structure. 
 
The completion of the PSDM programme and new prospect inventory acted as the 
trigger for the opening of a virtual data room for prospective farminees to our 
three South Porcupine licences. Despite only launching in July 2018, the 
company has been highly encouraged by the numbers of companies who have already 
entered or are seeking access to both the physical and virtual data rooms. 
 
The 2019 Nexen well in FEL 3/18 will drill the Iolar prospect. We understand 
that this is a pre-rift play. Europa has five pre-rift prospects in FEL 2/13 
and FEL 1/17 with combined GMUPR of just over 1 billion boe. If Iolar is 
successful there may be positive technical and commercial read across resulting 
in a de-risking of Europa's prospects. 
 
South Porcupine Basin: LO 16/19 
 
Europa holds a 30% interest in the Cairn-operated LO 16/19 on the west side of 
the South Porcupine. 3D seismic was acquired in mid-2017 and delivery of a 
final processed product is expected in Q4 2018 leading to a prospect inventory 
in 2019. Following the farm-out in April 2017, Europa is carried on this work 
programme by Cairn Energy up to a cap of US$6 million. 
 
Padraig Basin: LO 16/22 
 
LO16/22 is located in the Padraig Basin on the eastern margin of the Rockall 
Trough. The most relevant analogue for Padraig, which is a remnant Jurassic 
basin, is the conjugate margin play offshore Newfoundland in the Flemish Pass 
basin and which hosts the 300 million barrel Bay du Nord oil discovery made in 
2013. While the South Porcupine Basin is also a possible analogue for the 
Flemish Pass basin, Europa's restoration of the conjugate margin prior to the 
spreading of the Atlantic seafloor suggests Padraig could be a better fit. 
Recent geochemical studies on light oil recovered from seabed cores show the 
presence of the bisnorhopane biomarker and indicates an affinity with Late 
Jurassic sourced oil similar to the Dooish discovery in Rockall and West of 
Shetland oil fields. 
 
Structures of significant size have been mapped on 2D seismic acquired in 1998, 
along with multiple leads in both pre-rift and syn-rift hydrocarbon plays in 
water depths ranging from 800m to 2,000m. Gross mean un-risked indicative 
resources are estimated to be approximately 500 million boe.  Work is underway 
to mature the leads to prospect status using historic 2D seismic and building 
on the high-quality technical work previously conducted by major oil companies. 
 
Slyne Basin: LO 16/21 
 
Following completion of the agreed work programme, including a full technical 
assessment, Europa concluded that the prospectivity of LO 16/21 was limited. 
Europa believes that the licence would compete poorly with other prospects in 
Atlantic Ireland and be unlikely to attract drilling funds in the short to 
medium term. On that basis, we decided to relinquish the licence. 
Relinquishment became effective 30 June 2018. Accumulated expenditure of GBP 
97,000 was written off in the period. 
 
UK - Onshore Production 
 
East Midlands: West Firsby; Crosby Warren; Whisby-4 
 
Europa produces from three oilfields in the East Midlands: West Firsby (100% 
working interest); Crosby Warren (100% working interest); and the Whisby-4 well 
(65% non-operated interest).  During the twelve months to 31 July 2018, 94 
boepd were recovered from the three fields (2017: 113 boepd) with all the oil 
transported by road to the Immingham refinery. In terms of UK onshore oil 
production (excluding gas) Europa ranks third behind the Wytch Farm Group and 
IGas. 
 
At current oil prices the company's existing production covers our operating 
overhead. Initiatives are underway to increase production at the existing 
operated oil fields at Crosby Warren and West Firsby.  This work is expected to 
be completed in the fourth quarter of 2018. 
 
UK - Development 
 
East Midlands: PEDL180 (Wressle); PEDL182 (Broughton North) 
 
The Wressle oil discovery is located on PEDL180 which lies on the same 
structural trend as, and 5km southeast of, Europa's producing Crosby Warren 
field.  The Wressle-1 conventional exploration well was drilled in August 2014 
and production testing in 2015 delivered a combined flowrate of over 700 boepd 
from three reservoir intervals: Ashover Grit; Wingfield Flags; and Penistone 
Flags. Reservoir engineering analyses indicate an initial production flow rate 
of 500 bopd gross from the Ashover Grit interval at Wressle. The Broughton 
North exploration prospect on PEDL182 lies adjacent and north of PEDL180.  In 
1984, a well drilled by BP discovered oil at Broughton. 
 
A CPR undertaken in 2016 by ERCE assigned gross 2P reserves of 0.65 million boe 
to the Wressle structure in the Ashover and Wingfield Flags and gross 2C 
contingent resources of 1.86 million boe in the Penistone Flags.  The CPR also 
assigned gross mean un-risked prospective resources of 0.6 million boe and a 
geological chance of success of 50% to Broughton North. 
 
In January 2018 the Planning Inspectorate rejected an appeal by the partnership 
against North Lincolnshire Council Planning Committee's decision to refuse 
planning permission for the Wressle oil development. A new planning application 
for the Wressle oil field development was submitted in July 2018 by the 
operator Egdon Resources. This is currently being processed by North 
Lincolnshire Council's planning officers ahead of their recommendation being 
made to the Council's Planning Committee, expected later in 2018.  A separate 
application to extend planning consent at the Wressle site to 1 August 2019 was 
also submitted but, despite being recommended for approval by the Council's 
planning officers, was refused by the Planning Committee in August 2018.  The 
partners have submitted an appeal against this refusal to the Planning 
Inspectorate. 
 
We have considered the possible impairment of the PEDL180 asset in the light of 
the planning decisions. The Council's professional planning officers have 
consistently recommended the development for approval and we continue to 
believe that the case for a development of the Wressle discovery is strong and 
the partnership is committed to bringing the field into production. 
 
Europa holds a 30% working interest in PEDLs 180 and 182. On 24 November 2016, 
Europa agreed the sale of a 10% interest in the two licences to Upland 

Resources.  Completion of the sale was subject to planning and Field 
Development Plan ("FDP") approvals.  Following the decision by the Planning 
Inspector in January 2018 to reject the appeals by the operator Egdon against 
the two planning refusals by North Lincolnshire County Council's Planning 
Committee, Upland elected to withdraw from the sale agreement and Europa has 
repaid the GBP160,000 deposit to Upland in the period. 
 
UK - Exploration 
 
Weald Basin: PEDL143 (Holmwood) 
 
Europa holds a 20% interest in and is the operator of PEDL143, which lies in 
the Weald Basin, Surrey, 8km to the East of the Horse Hill discovery. PEDL143 
contains the Holmwood conventional oil prospect which was assigned gross mean 
prospective resources of 5.6 million boe. 
 
In September 2015 planning permission was granted to drill a temporary 
exploratory borehole from the Bury Hill Wood site to a depth of 1,400m.  In 
July 2018, the Environment Agency granted a permit to allow the drilling and 
testing of a single well for the purposes of oil and gas exploration. The 
initial term of PEDL143 was extended by the Oil and Gas Authority to 30 
September 2020. 
 
Post period end, the Secretary of State for the Environment, Food and Rural 
Affairs, refused an application to extend the site lease and acting on behalf 
of the partnership, Europa withdrew its application to extend planning 
permission to drill the Holmwood exploration well from the Bury Hill Wood site. 
The partnership has since re-instated the site. The remaining prospectivity of 
PEDL143 will now be considered which, in addition to the established Portland 
sandstone reservoirs, includes the Kimmeridge Limestone, an emerging play in 
the Weald Basin.  As evidence of possible impairment existed prior to the 
reporting date, we have written down the value of the intangible asset being 
largely the investment to date in obtaining planning permission to drill from 
the Bury Hill Wood site, a charge to income of GBP1,145,000. 
 
East Midlands: PEDL299 (Hardstoft) 
 
PEDL299 contains the Hardstoft oil field which was discovered in 1919 by the 
UK's first ever exploration well.  Hardstoft  produced 26,000 barrels of oil 
from Carboniferous limestone reservoirs in the 1920s. We believe there is more 
oil in the Hardstoft structure and gross 2C contingent resources of 3.1 million 
boe and gross 3C contingent resources of 18.5 million boe were identified in a 
CPR issued by joint venture partner Upland Resources.  We believe that 
application of modern production testing and drilling methodologies could well 
lead to commercial oil flowrates being achieved. Europa's interest in PEDL299, 
which is restricted to the conventional prospectivity including Hardstoft, is 
25%, alongside Upland 25% and INEOS, the operator, 50%. 
 
Cleveland Basin: PEDL343 (Cloughton) 
 
PEDL343 contains the Cloughton gas discovery, which was successfully drilled by 
Bow Valley in 1986 and flowed a small amount of gas to surface on production 
test from conventional Carboniferous sandstone reservoirs. Europa regards 
Cloughton as a gas appraisal opportunity with the critical challenge being to 
obtain commercial flowrates from future production testing operations.  Europa 
holds a 35% interest in PEDL343 alongside Arenite 15%, Third Energy 20% 
(operator), Egdon Resources 17.5% and Petrichor Energy 12.5%. 
 
Southern North Sea: Block 41/24 
 
In December 2017, Europa announced the sale of its 50% interest in Promote 
Licence P2304 (UKCS Block 41/24) to Egdon along with joint venture partner 
Arenite Petroleum Limited ("Arenite") which also sold its 50% interest to Egdon 
as part of the same transaction. P2304 is located to the immediate south of 
Egdon's 100% owned licence P1929 (UKCS Blocks 41/18 and 41/19) offshore North 
Yorkshire. GBP46,000 spent on the licence was written off in the period. 
 
East Midlands: PEDL181 
 
PEDL181 provides exposure to the hydrocarbon potential of the Humber basin. The 
licence has technical synergy with the adjacent PEDL334 which was awarded to an 
Egdon Resources-led group in the 14th Round for the purpose of conventional and 
unconventional exploration. 
 
New Ventures 
 
In the period, Europa has considered potential new venture opportunities in 
seven countries outside of Ireland and the UK.  These range from greenfield 
exploration to brownfield re-development projects in North Africa, Western 
Europe, and Central Europe. Only those opportunities which stand up to robust 
technical and commercial scrutiny and which meet the Company's strict 
investment criteria, particularly in terms of cost, strategic fit, political, 
security and regulatory risk, and have clearly defined paths to value creation 
are being pursued. We continue to screen possible new ventures in areas which 
fit well with Europa's strategy and technical skillset. 
 
Non-financial KPIs 
 
There were no reportable accidents or incidents in the year (2017: zero). The 
Environment Agency completed the repermitting of the Crosby Warren and West 
Firsby sites in the year. 
 
There were no new licence awards in the year (2017: zero). 
 
Financials 
 
Revenue was GBP1.6 million (2017: GBP1.6 million). An improving oil price offset 
the decline in production and unfavourable exchange rates during the period. 
The average oil price achieved was US$64.5/bbl (2017: US$48.9/bbl) and the 
average Sterling exchange rate was US$1.35 (2017: US$1.27). An average of 94 
boepd (2017: 113 boepd) was recovered from our three UK onshore fields, down as 
a result of natural decline and the loss of around 10 boepd from the West 
Firsby 6 well. Work aimed at restoring production from West Firsby 6 is 
ongoing. 
 
Stringent cost controls continue to be implemented. Cost of sales was GBP 
1,365,000 (2017: GBP1,459,000). 
 
Administrative expenses of GBP967,000 (2017: GBP553,000) included GBP151,000 spent on 
projects and GBP229,000 on new licence evaluations. In January 2018 salaries of 
head office staff were restored to their 2016 levels. 
 
Net cash spent on operating activities was GBP479,000 (2017: cash spent GBP 
255,000). 
 
Purchase of intangible fixed assets of GBP1.3 million (2017: GBP1.5 million) was 
largely spent advancing the Irish portfolio and on Holmwood. The Holmwood 
intangible asset was subsequently largely written off. As a result of the delay 
in receipt of planning consent for the Wressle development, GBP160,000 was repaid 
to Upland Resources. 
 
A deferred tax asset in respect of accumulated tax losses of the Group was 
de-recognised in the period, to the extent that it exceeded the deferred tax 
liability,  as the timing of utilisation of those losses is uncertain. That 
resulted in a GBP0.7 million charge to the income statement. 
 
The Group's cash balance at 31 July 2018 was GBP1.8 million (31 July 2017: GBP3.6 
million). 
 
Conclusion and Outlook 
 
The team's confidence in the Company's Atlantic Ireland licences has never been 
stronger.  The results of the technical work on our three operated licences in 
the South Porcupine are eye-catching and have already attracted the target 
blue-chip audience to the recently opened data rooms.  Ongoing work in the 
proven Triassic gas play in the Slyne Basin meanwhile has encouraged us to 
commence well planning so that we are able to drill a well in 2019.  With 2.5 
tcf GIIP, a well on LO 16/20 would target substantial commercial volumes of 
gas.  At a time when the decline of the nearby Corrib field is expected to 
gather pace, a discovery on LO 16/20 could become a major part of Ireland's 
energy supply.  Together with access to existing infrastructure and a strong 
gas price outlook, the Inishkea project is worthy of flagship status. 
 
Nexen's upcoming well in FEL 3/18 is anticipated to herald a new wave of 
drilling activity in Atlantic Ireland. We are working hard to ensure Europa 
does not merely watch from the sidelines in the knowledge that our industry 
leading licence position, which provides us with exposure to all the various 
plays being targeted, will benefit from any success in the region.  Europa has 
played a pioneering role in Atlantic Ireland exploration and we intend to 
continue doing so by being directly involved in the next phase of activity, 
either by drilling wells as an operator or as a partner alongside major 
industry players. 
 
HGD Mackay 
 
Chief Executive Officer 
 
The financial information set out below does not constitute the company's 
statutory accounts for 2018 or 2017. The financial information has been 
prepared in accordance with International Financial Reporting Standards (IFRS) 
as adopted by the European Union on a basis that is consistent with the 
accounting policies applied by the group in its audited consolidated financial 
statements for the year ended 31 July 2018. Statutory accounts for the years 
ended 31 July 2018 and 31 July 2017 have been reported on by the Independent 
Auditors. 
 
The Independent Auditors' Report on the Annual Report and Financial Statements 
for 2018 and 2017 were unqualified, did not draw attention to any matters by 
way of emphasis, and did not contain a statement under 498(2) or 498(3) of the 
Companies Act 2006. 
 
Statutory accounts for the year ended 31 July 2017 have been filed with the 
Registrar of Companies. The statutory accounts for the year ended 31 July 2018 
will be delivered to the Registrar in due course. 
 
Consolidated statement of comprehensive income 
 
For the year ended 31 July                        note 
2018                       2017 
 
 
                          GBP000                       GBP000 
 
Revenue 
                          1,634                      1,569 
 
Cost of sales 
                          (1,365)                   (1,459) 
 
Impairment of producing fields                2                        (142) 
                      - 
 
Exploration write-off                                1 
(1,289)                   - 
 
Total cost of 
sales                                                                (2,796) 
                   (1,459) 
 
 
=--------                   --------- 
 
Gross (loss)/ 

profit                                                                (1,162) 
                   110 
 
Administrative expenses 
(967)                      (553) 
 
Finance income 
                          10                           2 
 
Finance 
expense                                                                  (171) 
                      (234) 
 
 
=--------                   --------- 
 
Loss before taxation 
(2,290)                   (675) 
 
Taxation (charge)/credit 
(341)                      184 
 
 
=--------                   --------- 
 
Total comprehensive loss for the year attributable to the equity shareholders 
of the parent 
 
 
(2,631)                   (491) 
 
Earnings per share (EPS) attributable to the equity shareholders of the parent 
 
 
                          Pence per share      Pence per share 
 
Basic and diluted EPS 
(0.87)p                   (0.19)p 
 
Consolidated statement of financial position 
 
As at 31 July                                                                          2018                                 2017 
 
                                                  Note                                 GBP000                                 GBP000 
 
Assets 
 
Non-current assets 
 
Intangible assets                                  1   5,959                                5,276 
 
Property, plant and equipment                      2   668                                  882 
 
Deferred tax asset                                     -                                    341 
 
                                                         ----------------------------------   ---------------------------------- 
 
Total non-current assets                               6,627                                6,499 
 
                                                         ----------------------------------   ---------------------------------- 
 
Current assets 
 
Inventories                                            20                                   14 
 
Trade and other receivables                            471                                  886 
 
Cash and cash equivalents                              1,771                                3,591 
 
                                                         ----------------------------------   ---------------------------------- 
 
                                                       2,262                                4,491 
 
                                                         ----------------------------------   ---------------------------------- 
 
Total assets                                           8,889                                10,990 
 
Liabilities 
 
Current liabilities 
 
Trade and other payables                               (1,299)                              (945) 
 
                                                       ------------------------------------ ------------------------------------ 
 
Total current liabilities                              (1,299)                              (945) 
 
                                                       ------------------------------------ ------------------------------------ 
 
Non-current liabilities 
 
Long-term provisions                                   (2,735)                              (2,570) 
 
Total non-current liabilities                          (2,735)                              (2,570) 
 
                                                                                -----------                          ----------- 
 
Total liabilities                                      (4,034)                              (3,515) 
 
                                                                                -----------                          ----------- 
 
Net assets                                                                            4,855 7,475 
 
Capital and reserves attributable to equity 
holders 
of the parent 
 
Share capital                                          3,014                                3,014 
 
Share premium                                          18,481                               18,481 
 
Merger reserve                                         2,868                                2,868 
 
Retained deficit                                       (19,508)                             (16,888) 
 
                                                                                -----------                          ----------- 
 
Total equity                                                                          4,855                                7,475 
 
 
These financial statements were approved by the Board of Directors and 
authorised for issue on 16 October 2018 and signed on its behalf by: 
 
P Greenhalgh, Finance Director 
 
Company registration number 5217946 
 
Consolidated statement of changes in equity 
 
Attributable to the equity holders of the parent 
 
                             Share                              Share premium GBP000                 Merger                             Retained deficit                  Total 
                             capital GBP000                                                           reserve GBP000                      GBP000                              equity 
                                                                                                                                                                        GBP000 
 
Balance at 1 August 2016     2,449                              15,901                             2,868                              (16,536)                          4,682 
 
Comprehensive loss for the 
year 
 
Total comprehensive loss for 
the year                     -                                  -                                  -                                  (491)                             (491) 
 
                             ---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------ 
 
Total comprehensive loss for 
the year                     -                                  -                                  -                                  (491)                             (491) 
 
                             ---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------ 
 
Contributions by and 
distributions to owners 
 
Issue of share capital       565                                2,603                              -                                  -                                 3,168 
 
Issue of share options       -                                  (23)                               -                                  23                                - 
 
Share based payment          -                                  -                                  -                                  116                               116 
 
                             ---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------ 
 
Total contributions by and   565                                2,580                              -                                  139                               3,284 
distributions to owners 
 
Balance at 31 July 2017      3,014                              18,481                             2,868                              (16,888)                          7,475 
 
 
 
                                                                                                   Merger 
                             Share                              Share premium                       reserve                           Retained deficit                  Total 
                             capital                                                                                                                                    equity 
 
                             GBP000                               GBP000                               GBP000                               GBP000                              GBP000 
 
Balance at 1 August 2017     3,014                              18,481                             2,868                              (16,888)                          7,475 
 
Comprehensive loss for the 
year 
 
Loss for the year 
attributable to the equity                                    -                                  - -                                                            (2,631)                         (2,631) 
shareholders of the parent 
 
                             ---------------------------------- ---------------------------------- ---------------------------------     ------------------------------ ------------------------------- 
 
Total comprehensive loss for                                                                       - 
the year                     -                                  -                                                                     (2,631)                           (2,631) 
 
                             ---------------------------------- ---------------------------------- ---------------------------------  ------------------------------    ------------------------------- 
 
Contributions by and 
distributions to owners 
 
Share based payment          -                                  -                                  -                                  11                                11 
 
                             ---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------ 
 
Total contributions by and   -                                  -                                  -                                  11                                11 
distributions to owners 
 

Balance at 31 July 2018      3,014                              18,481                             2,868                              (19,508)                          4,855 
 
 
Consolidated statement of cash flows 
 
For the year ended 31 July                             2018                                2017 
 
                                                  Note GBP000                                GBP000 
 
Cash flows used in operating activities 
 
Loss after tax from continuing operations              (2,631)                             (491) 
 
Adjustments for: 
 
Share based payments                                   11                                  116 
 
Depreciation                                       2   72                                  184 
 
Impairment of producing field                      2   142                                 - 
 
Exploration write-off                              1   1,289                               - 
 
Finance income                                         (10)                                (2) 
 
Finance expense                                        171                                 234 
 
Taxation charge/(credit)                               341                                 (184) 
 
Decrease/(increase) in trade and other                 69                                  (108) 
receivables 
 
(Increase)/decrease in inventories                     (6)                                 9 
 
Increase/(decrease) in trade and other payables        73                                  (13) 
 
                                                                             -------------                       ------------- 
 
Net cash used in operations                            (479)                               (255) 
 
Income taxes paid                                      -                                   (144) 
 
                                                                             -------------                       ------------- 
 
Net cash used in operating activities                  (479)                               (399) 
 
Cash flows used in investing activities 
 
Purchase of property, plant and equipment              -                                   (6) 
 
Purchase of intangible assets                          (1,336)                             (1,491) 
 
Sale of part interest in licence                       -                                   600 
 
Interest received                                      10                                  2 
 
                                                       ----------------------------------- ----------------------------------- 
 
Net cash used in investing activities                  (1,326)                             (895) 
 
Cash flows (used in)/from financing activities 
 
Proceeds from issue of share capital (net of           -                                   3,145 
issue costs) 
 
(Decrease)/increase in payables relating to share      (16)                                16 
capital issue costs 
 
Option based equity movement on share issue            -                                   23 
 
Finance costs                                          (3)                                 (3) 
 
                                                       ----------------------------------- ----------------------------------- 
 
Net cash (used in)/from financing activities           (19)                                3,181 
 
Net (decrease)/increase in cash and cash               (1,824)                             1,887 
equivalents 
 
Exchange gain/(loss) on cash and cash equivalents      4                                   (14) 
 
Cash and cash equivalents at beginning of year         3,591                               1,718 
 
                                                       ----------------------------------- ----------------------------------- 
 
Cash and cash equivalents at end of year               1,771                               3,591 
 
 
Notes to the financial statements 
 
 1. Intangible assets 
 
Intangible assets                                              2018          2017 
 
                                                               GBP000          GBP000 
 
At 1 August                                                   5,276         4,453 
 
Additions                                                     1,972         1,423 
 
Sale of 3.34% interest in PEDL180 and PEDL182                     -         (600) 
 
Exploration write-off                                       (1,289)       - 
 
                                                    --------------- ------------- 
 
At 31 July                                                    5,959         5,276 
 
 
Intangible assets comprise the Group's pre-production expenditure on licence 
interests as follows: 
 
                                                                                  2018                                2017 
                                                                                  GBP000                                GBP000 
 
Ireland FEL 2/13 (Doyle A, B, C, Kilroy, Keane &                                   799                                 340 
Kiely) 
 
Ireland FEL 3/13 (Beckett, Wilde, Shaw)                                          1,093                                 725 
 
Ireland FEL 1/17                                                                   453                                 224 
 
Ireland LO 16/19                                                                    71                                  61 
 
Ireland LO 16/20                                                                   454                                 206 
 
Ireland LO 16/21                                                                     -                                  38 
 
Ireland LO 16/22                                                                   125                                  48 
 
UK PEDL143 (Holmwood)                                                               10                                 901 
 
UK PEDL180 (Wressle)                                                             2,745                               2,527 
 
UK PEDL181                                                                          95                                  60 
 
UK PEDL182 (Broughton North)                                                        26                                  24 
 
UK PEDL299 (Hardstoft)                                                              12                                  12 
 
UK PEDL343 (Cloughton)                                                              76                                  69 
 
UK Block 41/24                                                                       -                                  41 
 
                                                      --------------------------------    -------------------------------- 
 
Total                                                                            5,959                               5,276 
 
                                                                             =========                            ======== 
 
Exploration write-off 
 
UK PEDL143 (Holmwood)                                                            1,145                                   - 
 
Ireland LO 16/21                                                                    97                                   - 
 
UK Block 41/24                                                                      47                                   - 
 
                                                   ----------------------------------- ----------------------------------- 
 
Total                                                                            1,289                                   - 
 
                                                    ==================================   ================================= 
 
If the Group is not able to or elects not to continue in any other licence, 
then the impact on the financial statements will be the impairment of some or 
all of the intangible assets disclosed above. 
 
            In 2018 the interest and accumulated expenditure in respect of FEL 
1/17 was transferred to the subsidiary company Europa Oil & Gas (Ireland East) 
Limited and LO16/20 was transferred to Europa Oil & Gas (Inishkea) Limited. 
 
LO 16/21 was relinquished due to a lack of commercial prospects and the GBP97,000 
spent to date was written off. 
 
2. Property, plant & equipment 
 
                                  Furniture & Producing     Total 
                                  computers   fields 
 
                                  GBP000        GBP000          GBP000 
 
Cost 
 
At 1 August 2016                  51          10,785        10,836 
 
Additions                         1           5             6 
 
                                  ----------- ------------- ------------ 
 
At 31 July 2017                   52          10,790        10,842 
 
Additions                         -           -             - 
 
                                  ----------- ------------- ------------ 
 
At 31 July 2018                   52          10,790        10,842 
 
                                  =========== ============= ============ 
                                  =========== ============= ============ 
                                  =========   =====         ======= 
 
Depreciation, depletion and 
impairment 
 
At 1 August 2016                  47          9,729         9,776 
 
Charge for year                   2           182           184 
 
                                  ----------- ------------- ----------- 
 
At 31 July 2017                   49          9,911         9,960 
 
Charge for year                   2           70            72 
 
Impairment in year                -           142           142 
 
                                  ----------  -----------   --------- 
 
At 31 July 2018                   51          10,123        10,174 
 

                                  =========== ============= ============ 
                                  =========== ============= ============ 
                                  =========   =====         ======= 
 
Net Book Value 
 
At 31 July 2016                   4           1,056         1,060 
 
                                  =========== ============= ============ 
                                  =========== ============= ============ 
                                  =========   =====         ======= 
 
At 31 July 2017                   3           879           882 
 
                                  =========== ============= ============ 
                                  =========== ============= ============ 
                                  =========   =====         ======= 
 
At 31 July 2018                   1           667           668 
 
                                  =========== ============= ============ 
                                  =========== ============= ============ 
                                  =========   =====         ======= 
 
The producing fields referred to in the table above are the production assets 
of the Group, namely the oilfields at Crosby Warren and West Firsby, and the 
Group's interest in the Whisby W4 well, representing the Group's three cash 
generating units. 
 
            The carrying value of each producing field was tested for 
impairment by comparing the carrying value with the value-in-use. The value in 
use was calculated using a discounted cash flow model with production decline 
rates of 7.5-11%, Brent crude prices rising from US$72 per barrel in 2019 to 
US$77 per barrel in 2022 and a pre-tax discount rate of 19%. The pre-tax 
discount rate is derived from a post-tax rate of 10% and is high because of the 
applicable rates of tax in the UK. Cash flows were projected over the expected 
life of the fields which is expected to be longer than 5 years. There was an 
impairment in the year of GBP142,000 relating to the West Firsby site (2017: no 
impairment 
 
                                 * * ENDS * * 
 
This announcement contains inside information for the purposes of Article 7 of 
Regulation (EU) No 596/2014. 
 
For further information please visit www.europaoil.com or contact: 
 
Hugh Mackay       Europa                        + 44 (0) 20 7224 
                                                3770 
 
Phil Greenhalgh   Europa                        + 44 (0) 20 7224 
                                                3770 
 
Matt Goode        finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Simon Hicks       finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Camille Gochez    finnCap Ltd                   + 44 (0) 20 7220 
                                                0500 
 
Frank Buhagiar    St Brides Partners Ltd        + 44 (0) 20 7236 
                                                1177 
 
Susie Geliher     St Brides Partners Ltd        + 44 (0) 20 7236 
                                                1177 
 
 
 
END 
 

(END) Dow Jones Newswires

October 17, 2018 02:00 ET (06:00 GMT)