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Additional Information
Market: AIM
Sector: Energy
EPIC: EOG
Latest Price: 6.88p  (-3.51% Descending)
52-week High: 25.25p
52-week Low: 5.50p
Market Cap: 9.48M
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Europa Oil & Gas
www.europaoil.com

Europa Oil & Gas is an active oil and gas explorer throughout the European region. It holds core producing oil assets in the UK, along with a wide range of exploration and appraisal projects in various stages of development in the UK, Romania, France and Western Sahara. 

 

The Company currently produces oil from three UK onshore oilfields, with ongoing appraisal work in Romania. The Company also holds a key gas appraisal asset in southwest France. Exploration for both conventional and unconventional hydrocarbons is an integral part of the portfolio and the Company continues to pursue this upside potential in all areas.

 

Full Europa Oil & Gas profile here
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Europa Oil & Gas boosted by higher output and prices

8th Feb 2012, 7:28 am by Philip Whiterow Turnover jumped by 61 per cent to £2.1 million in the half year.

UK-onshore oil group Europa Oil & Gas (LON:EOG) saw first half revenues jump by almost two-thirds as output and prices both rose.

Turnover jumped by 61 per cent to £2.1 million in the half year to January 31 as volumes from its three producing fields rose by 23 per cent to 187 barrels per day.

Income was also boosted by a 39% rise in oil prices to US$108.9 per barrel.

The company currently has three producing assets all located in the East Midlandsand consisting of a 100% working interest in the West Firsby and Crosby Warren fields and a 65% working interest in the Whisby 4 well.

Higher output reflected the West Firsby WF-9 well coming on stream and reduced downtime after the blizzards had affected the the previous year.

Hugh Mackay, chief executive, added that daily production has been consistently higher than the previous year despite a recent workover programme for the West Firsby 7 well.

“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 is committed to realising the inherent value of Europa’s portfolio, he added.

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The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

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From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.