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Alliance News

Europa Oil & Gas Pretax Loss Narrows In First Half

Tue, 4th Apr 2017 14:38

LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Tuesday reported a narrowed pretax loss in the first half of its financial year.

The oil and gas company said its pretax loss in the six months ended January 31 narrowed to GBP207,000 from GBP577,000 the year before, as revenue grew to GBP811,000 from GBP624,000 and it booked lower administrative expenses.

During the half, Europa sold a 3.3% interest in PEDL180 and PEDL182 in the East Midlands to Union Jack Oil PLC for GBP600,000, agreed the sale of a 10% interest in the same licence to Upland Resources PLC for up to GBP1.9 million, and increased its interest in PEDL299 and PEDL343, both also in the East Midlands, through the acquisition of Shale Petroleum (UK) Ltd.

"Since the beginning of the financial year, a number of farm-outs and sales have been signed across our licence base raising non-dilutive capital for Europa. The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our

share of the costs is now funded," Chief Executive High Mackay said in a statement.

Shares in Europa were trading up 4% at 5.20 pence on Tuesday.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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