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LONDON (Alliance News) - Europa Oil & Gas Holdings PLC Monday reported a widened pretax loss for its most recently ended year, hit by lower oil prices and one off costs, and said the year ahead "promises more high impact activity."
For the year to end-July the company reported a pretax loss of GBP4.1 million, widened from a pretax loss of GBP682,000 a year before, as revenue fell to GBP2.2 million from GBP3.9 million, and the company wrote off GBP2.2 million in exploration costs. The company said the year has been particularly difficult for the oil and gas sector.
Revenue was hit by a lower average oil price of USD68.2 per barrel, compared to USD107.7 per barrel in the previous year. The exploration write-off related to the company's West Firsby Field 9 production well, which the company said requires re-completion, but at the prevailing oil price it remains uneconomical to do so.
Europa said it produced 141 barrels of oil equivalent per day from its four UK onshore fields, compared to 165 barrels of oil equivalent per day in the previous year.
The company said it is well positioned through a combination of its existing production and near-term development at Wressle in Lincolnshire, as well as exploration opportunities in Holmwood in the UK and in Ireland and France.
"We hope to build on our existing portfolio through participation in the UK and Irish licensing rounds, and we will continue to evaluate new projects and ventures that match our investment criteria. This is a challenging time but shareholders can be assured that the Board and I will be working hard to manage our resources carefully and maximise value from our portfolio," Chairman Colin Bousfield said in a statement.
Shares in Europa were up 18% at 3.70 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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