Europa Oil & Gas
www.europaoil.com
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.
All RNS Press Releases
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 £2.4 million compared with £1.5 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 +44 (0) 20 7224 3770
Phil Greenhalgh Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770
Sarah Wharry finnCap Ltd +44 (0) 20 7600 1658
Henrik Persson finnCap Ltd +44 (0) 20 7600 1658
Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177
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
RNS Release - Significant Increase in H1 Production and Revenues
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 £2.4 million compared with £1.5 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 +44 (0) 20 7224 3770
Phil Greenhalgh Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770
Sarah Wharry finnCap Ltd +44 (0) 20 7600 1658
Henrik Persson finnCap Ltd +44 (0) 20 7600 1658
Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177
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
