Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive Will Holland described the company’s first set of results with him at the helm as “showing record operational numbers”.
The company, in the results statement for the six months ended 31 January 2023, reported record-breaking interim revenue of £3.7mln, up from £2.2mln in the same period of 2022.
It generated a gross profit of £1.5mln, up from £0.9mln, and stated a pre-tax loss of £1.3mln reported largely due to a paper exploration impairment charge of £1.7mln.
Europa ended the period with a cash balance of £5.1mln, which was up from £1.4mln in July 2022.
Operationally, the highlights come from the Wressle oilfield, which is now ranked as the second-most productive onshore UK oilfield. Here, net production was up to 207 bopd in the reporting period.
Meanwhile, a new seismic interpretation of Wressle suggests a potentially significant increase in resources from the Ashover Grit reservoir.
Upcoming new next development drilling will be done at the existing Wressle site, Europa said.
Elsewhere, Euorpa noted that offshore Ireland FEL 4/19 licence was extended and a farm-out process for Inishkea gas exploration prospect is underway. The estimated 1.5 trillions cubic feet (tcf) of recoverable gas could help address Ireland's energy security concerns, it added.
Holland, meanwhile, said: "Europa remains a highly cash generative business, and our robust financial foundations will enable us to continue to work towards optimising our existing assets in the second half of the year, whilst we also pursue potential UK offshore and onshore opportunities to add to our well-balanced portfolio and deliver further value for shareholders."