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LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Wednesday recorded a significantly widened annual loss due to an exploration write-off.
In its financial year ended July 31, the UK and Ireland focused oil & gas exploration company posted a pretax loss of GBP2.3 million, widening from GBP675,000.
The predominant factor in this loss was EOG's GBP1.3 million exploration write-off, with no such write-off recorded the year before.
A further GBP142,000 impairment of the company's producing fields, also not recorded the prior year, further deepened its loss, as did an increase in administrative expenses to GBP967,000 from GBP553,000.
Revenue was up very slightly at GBP1.63 million from GBP1.57 million. EOG attributed the broadly flat result to unfavourable exchange rates and declining production during the year, which offset oil price improvement to an average of USD64.5 per barrel from USD48.9.
"Much work still remains to be done across our existing assets, notably securing partners with whom we can drill wells in the South Porcupine and also completing well planning in the proven Slyne Basin so that we are in a position to drill," said EOG Chairman Simon Oddie.
"A considerable amount of activity is taking place both inside and outside our existing portfolio and I look forward to providing further updates during the year ahead, as we focus on exposing our shareholders to multiple value-additive opportunities in a cost and risk efficient manner," Oddie added.
Shares in Europa Oil & Gas were up 1.2% at 4.20 pence on Wednesday.
