RE: Very nice update14 Apr 2021 08:56
-- The Group's cash balance as at 31 January 2021 was GBP0.3 million.
Based upon the Group cashflow forecasts, the Directors have concluded that there is a reasonable expectation that the Group will be able to continue in operational existence for the foreseeable future, which is deemed to be at least 12 months from the date of signing the consolidated financial information. Further comments on going concern are included in note 1.
Conclusion and Outlook
The commencement of oil flow at Wressle, the extension to the Initial Phase of the Inezgane permit and the GBP1.44 million fundraise (net of fees) post period end, provide a strong foundation upon which to build on in the second half of the year. While testing operations are ongoing, Wressle is still expected to make a positive contribution to Europa's full year net production. The licence extension is expected to enable technical work to de-risk the prospect inventory offshore Morocco to be completed and a farm-out to be launched. The GBP1.44 million raised (net of fees) will fund the evaluation of recovery improvement initiatives onshore UK and the pursuit of late-stage appraisal/development projects that would complement Europa's existing production and exploration projects. The goal is to build Europa into a full cycle oil and gas company with a balanced and diversified portfolio which generates both material revenues from production in stable jurisdictions as well as a pipeline of value-creating opportunities via high impact exploration activity.
Sign In
Follow the stocks
