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Pin to quick picksEuropa Oil & Gas Share News (EOG)

Share Price Information for Europa Oil & Gas (EOG)

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Share Price: 0.775
Bid: 0.70
Ask: 0.85
Change: 0.00 (0.00%)
Spread: 0.15 (21.429%)
Open: 0.775
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Europa Oil Cuts Management Pay To Save Cash, Interim Loss Widens

Wed, 15th Apr 2020 17:37

(Alliance News) - Europa Oil & Gas Holdings PLC on Wednesday said it has decided to cut pay of senior managers to save cash amid the Covid-19 pandemic, after posting a sharply widened first half loss.

The oil & gas explorer has decided to temporarily cut 20% pay of its executive team, directors and consultant and has paused the search for a permanent chief executive officer. It also said the virus is having no impact on operations at its three production sites.

For the six months to January 31, Europa recorded a pretax loss of GBP3.5 million versus a GBP437,000 loss in the year ago period, mainly due to write-offs taken following relinquishment of Irish licences. Write-off charges totalled GBP3.0 million versus a write back gain of GBP270,000 a year ago.

First half revenue fell year-on-year to GBP778,000 from GBP859,000.

First half production from the company's three UK licences amounted to 90 barrels of oil per day in the interim period, in line the year ago period and financial 2019 performance.

The company expects net production to more than double to over 200 barrels of oil per day when the Wressle field in north Lincolnshire comes on stream later later in 2020 at an expected initial rate of 500 barrels of oil per day.

Shares in the company closed at 8.3% higher at 1.11 pence each in London on Wednesday.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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15 Jan 2024 13:37

IN BRIEF: Europa Oil & Gas stock down as cashflow lower than expected

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Expects to report free cash flow of approximately GBP800,000 for 2023, lower than forecast of GBP4.2 million announced on Wednesday. Says lower than expected result was primarily due to delayed development at Wressle-1 well reducing revenue receipts for 2023, although it did result in "materially lower" capital expenditure. Says it has sufficient funds to cover expected capital and operational requirements for 2024. Company also reports that its cash position was GBP4.3 million at November 30, and that gross production at Wressle-1 is currently averaging 665 barrels of oil per day.

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2 Jan 2024 11:05

Union Jack and Europa Oil get resources upgrade for Wressle field

(Alliance News) - Union Jack Oil PLC and Europa Oil & Gas Holdings PLC on Tuesday said an independent assessment has increased the oil reserves of their licences at the Wressle field onshore in Lincolnshire, England.

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19 Dec 2023 12:43

Europa Oil & Gas and Union Jack Oil toast flow rate at Wressle-1 well

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Tuesday said that production had increased at the UK onshore Wressle-1 well.

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29 Nov 2023 17:20

Union Jack, Europa O&G note Egdon update on Wressle future plans

(Alliance News) - Union Jack Oil PLC and Europa Oil & Gas Holdings PLC on Wednesday both noted Egdon Resources UK Ltd's community update on the Wressle oilfield development in North Lincolnshire, including PEDL180 and PEDL182 assets.

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27 Nov 2023 20:02

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8 Nov 2023 13:29

IN BRIEF: Union Jack, Europa Oil note Wressle-1 back up and running

Union Jack Oil PLC - UK-focused onshore hydrocarbon production, development, and exploration company - Wressle-1 well has been brought back into production following installation of a downhole jet pump. "Since production resumed, flow-rates in excess of 950 barrels of oil per day have been recorded. The well is now on continuous 24-hour production and is still cleaning up. Export and sale of oil has recommenced," Union Jack says. The firm owns a 40% interest in the asset. Europa Oil & Gas Holdings PLC, with a 30% stake, also notes the development.

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23 Oct 2023 13:33

IN BRIEF: Europa Oil & Gas swings to loss amid one-off costs

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - In the year ended July 31, reports a pretax loss of GBP884,000, compared to a profit of GBP1.4 million the year prior. Revenue rises to GBP6.7 million from GBP6.6 million year-on-year. Notes the stable revenue figure was despite a lower oil price and weaker pound during the period. Records a GBP1.7 million exploration write-off in the year, as well as significantly higher expenses. Administrative expenses jump to GBP1.9 million from GBP821,000, while finance expense climb to GBP717,000 from USD238,000.

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23 Oct 2023 09:12

Europa Oil maintains revenue despite lower crude prices

(Sharecast News) - Europa Oil & Gas said in its final results on Monday that, despite a lower oil price and a weaker pound, it maintained stable revenue at £6.7m for the 2023 financial year - a slight increase from last year's £6.6m.

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18 Oct 2023 14:22

Europa Oil & Gas, Union Jack Oil say Wressle work complete

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Wednesday announced

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4 Oct 2023 10:40

i3 Energy and Europa Oil & Gas target recently lapsed Tain acreage

(Alliance News) - i3 Energy PLC on Wednesday said it has been made aware that the licence for the Tain discovery in the North Sea has recently lapsed. The announcement was also noted by its partner Europa Oil & Gas Holdings PLC.

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2 Oct 2023 14:32

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11 Sep 2023 12:16

Europa Oil & Gas completes audit of Cloughton gas in place volumes

(Alliance News) - Europa Oil & Gas Holdings PLC on Monday said it completed the preliminary audit of the gross Cloughton gas in place volumes, resulting in a Pmean gas initially in place of 192 billion cubic feet.

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31 Aug 2023 19:45

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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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