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Europa Oil & Gas expects more progress offshore Ireland and onshore UK

Europa expects to see more progress with its exciting exploration assets offshore Ireland, meanwhile, Wressle and Holmwood present catalysts onshore UK
oil and gas operations
Europa is expecting another year of progress

Europa Oil & Gas Holdings Plc (LON:EOG) is expecting to see more progress with its Irish portfolio and is looking forward to drilling at the Holmwood project onshore UK.

Chief executive Hugh Mackay, in Europa’s final results statement, said that  2016/17 was a record year for Europa in terms activity seen across its licence base.

READ: Europa Oil & Gas now expects Holmwood drilling in 2018 as Surrey defers decision

He cited the successful farm-out of a 70% interest in the firm's South Porcupine licences to Cairn, two separate sales of the firm's interest in the Wressle oil field in the East Midlands, the acquisition of Shale Petroleum - which increased the firm's equity in the Hardstoft oil field and Cloughton gas discovery in the UK as well as the farm-out of a 12.5% stake in the upcoming Holmwood well in the Weald basin.

“In our view, this activity is testament to the quality of the technical work we have carried out on our licences, the excellent location of our assets both offshore Ireland and onshore UK, and the major uptick in industry interest and activity in new plays across our areas of focus.”

Financial results

In terms of financial results, the company reported revenue of £1.6mln, up from £1.3mln in the previous year, and it marked a pre-tax loss £0.7mln.

The company ended the twelve month with a cash balance of £3.76mln, compared to £1.7mln a year earlier.

Looking forward, the company is expecting to see another year of progress.

“We remain focused on securing farm-outs for the remainder of our Irish licences with partners with whom we can advance our assets towards drilling. 

“At the same time, we are looking forward to commencing drilling activity at the conventional Holmwood prospect in the Weald, an area that is generating considerable excitement following the opening up of the Kimmeridge limestone play.”

Mackay also highlighted that the company remains confident that Wressle project will finally be given the green light for production, to add another 100 barrels of oil per day to the group’s production. He said the Wressle approval would be “a major milestone” for the company.

“With so much activity on so many fronts in the months ahead, I look forward to providing further updates, as we continue with our strategy to monetise our asset base and generate value for our shareholders,” Mackay added.

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Europa Oil & Gas (Holdings) Plc Timeline

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