LONDON (Alliance News) - Europa Oil & Gas PLC said Wednesday that increased activity on new ventures led to higher costs and a widened pretax loss for the first half of 2019 financial year.
The oil and gas explorer recorded a pretax loss of GBP497,000 for the six month period ended January 31, compared with a pretax loss of GBP207,000 in the year ago period. Revenue for the period fell to GBP778,000 from GBP811,000.
Administrative expenses in the period rose to GBP429,000 from GBP218,000. The company's cash balance at period end stood at GBP2.3 million, versus GBP3.6 million at July 31, 2017,
"Technical work across our offshore Ireland licences is progressing on schedule and most importantly the 3D seismic PSDM reprocessing projects are producing the uplift in data quality we were looking for. In the Slyne Basin next to the Corrib gas field we have been impressed with the results to date and are therefore fast tracking further work on our Inishkea prospects in LO 16/20 so that we are in a position to drill a well targeting "company-making" gas resources in a proven play close to existing infrastructure as early as 2019," Chief Executive Hugh Mackay said.
"In the South Porcupine, improved mapping on reprocessed 3D seismic will lower geological risk for several prospects that make up the 2 billion barrels of oil equivalent of audited prospective resources and 2.2 billion boe of prospective in-house resources that have already been mapped. An updated prospect inventory for three of our South Porcupine licences will be released in 2018, which will coincide with the relaunch of the farm-out process as we look to secure partners to drill wells," Mackay added.
Shares in Europa Oil & Gas were trading 6.7% lower at 3.22 pence each on Wednesday.
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