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Europa Oil & Gas Holdings PLC - UK and Ireland focused oil and gas exploration, development and production - Wressle oilfield, located onshore in the UK's East Midlands, produces an average of 300 barrels of oil per day in December, prompting Europa to guide for group production net to Europa of 500 barrels of oil equivalent per day from the fourth quarter of 2023 onward. This will be after the Penistone horizon at Wressle comes online. Europa plans a development well for the Penistone horizon in the second half of the year and a second in 2024. This will come from a net committed capital expenditure budget of GBP5.1 million across the Europa asset base. The company has a net cash position of GBP4.6 million.
"We are very excited about the outlook for Europa as we enter 2023," says Chief Executive Officer Simon Oddie. "The Wressle oilfield continues to outperform expectations and complements production from our operated assets at Crosby Warren and West Firsby and our interest in Whisby, to provide valuable cashflow to fund the ongoing development of our asset base."
Current stock price: 1.08 pence
12-month change: down 23%
By Tom Waite, Alliance News editor
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