Proactive Investors - Run By Investors For Investors

Europa Oil & Gas CEO quizzed on latest fundraise

The chief executive of Europa Oil & Gas, Hugh Mackay, says the company’s plan to raise £3.4mln through share sales is necessary given where the price of oil is.

“At US$100 per barrel of oil, we were able to cover costs from our production – at $60 a barrel we can only cover 90%, so we have to raise money from time to time,” said Mackay.

New shares will be issued at 6p, a discount of around 20% to Friday’s closing price of 7.88p – a price Mackay said he was disappointed with.

However, the CEO is bullish on Europa’s prospects and the cash proceeds from the share issue are earmarked for Europa’s share of start-up costs at the Wressle field (around £500,000), onshore UK, as well as covering it share of admin costs associated with the large exploration venture off Ireland’s west coast.

Meet Chaarat Gold Holdings Ltd, Royal Road Minerals, Firesteel Resources, NeoLithium Corp and Kibo Mining PLC at our event, London, 11 January 2018. Register here »
Why Invest In Europa Oil & Gas (Holdings) Plc? Read More Here

Register here to be notified of future Europa Oil & Gas (Holdings) Plc articles
View full EOG profile View Profile

Europa Oil & Gas (Holdings) Plc Timeline

No investment advice

The Company is a publisher. 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.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

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.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use