Europa Oil & Gas (Holdings) PLC (AIM:EOG) chairman Brian O'Cathain told investors the company is very pleased with the operational progress made in the past year.
“We have delivered on our expectation of not only producing the first oil at the Wressle oil field in North Lincolnshire, but also increasing our overall production significantly," O'Cathain said in a statement ahead of today’s AGM.
Europa’s share of production from Wressle amounted to 240 barrels of oil per day in the month of October which “delivered meaningful revenues to the company.”
Commenting on progress offshore Ireland, O'Cathain added: “Work in offshore Ireland has continued apace as we continue to focus on our gas interests in the Irish sea, which are located close to the currently producing Corrib gas field.
“We are awaiting approval from the Irish regulators for our proposed acquisition, for a nominal sum, of a 100% interest in the Frontier Exploration Licence (FEL) 3/19 in the Slyne Basin. This strategic acquisition will help build our gas portfolio in Ireland, which already includes our flagship 1.5 tcf Inishkea gas prospect also in the Slyne Basin.”
Offshore Morocco, the company is advancing the high impact exploration opportunity at the Inezgane Licence, in the Agadir Basin, a largely underexplored area of the world.
A farm-out process was launched for the Moroccan project earlier this year, and, O'Cathain said Europa is encouraged by the interest received to date and believe that this is a very significant project with a great deal of latent potential.