Europa Oil & Gas Regulatory News (EOG)

Europa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas 10 February 2014 Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') First Half Production and Revenues Board Appointment Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration anddevelopment company with a combination of producing and exploration assets inEurope, is pleased to announce its UK production and revenues generated duringthe six month period ending 31 January 2014 is in line with expectations. TheCompany has three producing assets in the UK, all located onshore in the EastMidlands, with a 100% working interest in the West Firsby and Crosby Warrenfields and a 65% working interest in the Whisby 4 well. First Half Highlights (unaudited) * H1 2014 revenue of £2.1 million (H1 2013: £2.2 million) * Average H1 2014 volume achieved was 170 barrels of oil equivalent per day (`boepd') (H1 2013: 177 boepd - included 6 boepd earned as commission on oil deliveries Europa made on behalf of another company, an arrangement which ceased in December 2012) * On course to achieve full year 2014 production target of 165 boepd * Oil price US$108.2 per barrel compared with US$110.1 in 2013 * Foreign exchange movements negatively impacted revenues by 1% * Cash balance at 31 January 2014 £4.8 million (31 January 2013 £0.8 million) Board Appointment Europa is also pleased to announce today the appointment of Mr. Colin Bousfieldto the Board as a Non-executive Director. Mr. Bousfield has over 30 years'experience in energy finance having worked for leading financial institutionsand also oil and gas operating and services companies. Colin started his career in banking with Barclays in 1975 and since 1985 hasspecialised in providing financial solutions to the oil and gas sector, holdingsenior positions with Barclays Capital, Bank of Scotland, and Royal Bank ofScotland. Colin's most recent position was as Head of European Oil and Gas forthe Commonwealth Bank of Australia, a post he held until the end of 2013. Overthe course of his career, Colin has arranged just under US$10 billion of debt,equity and hybrid finance in over 45 transactions for oil and gas companies ofall sizes, ranging from small private E&Ps to international majors includingCairn Energy PLC and Lundin Petroleum. Many of these transactions were to fundM&A activity and single field project developments. In 2005, Colin joined the Board of Composite Energy Limited (`Composite'), aprivate Coal Bed Methane (`CBM') developer, as a Non-executive Director andfrom July 2007 served as Chief Financial Officer, a post he held until theGroup was sold in 2011 to Dart Energy Limited (`Dart'), an Australianunconventional resource group. As CFO, Colin put together a finance divisionand built a business development team responsible for all new CBM activitiesincluding new licences in Poland, Germany and Belgium, along with analysis ofComposite's potential shale portfolio. In addition, Colin negotiated severalfinance packages including a significant equity raising from BG Group and RBS,a JV partnership and carried drilling programme with BG Group, bank facilitieswith RBS Aberdeen, and a US$12 million equity investment from Dart, prior to itacquiring 100% of Composite. Following the sale of Composite, Colin was CFO of its former drillingsubsidiary, Geometric Drilling Limited, which was spun off when Composite wassold to Dart. Colin negotiated and completed the sale of Geometric to asubsidiary of the Entrepose Group in France, before joining Hutton Energy asCFO between 2011 and 2012. Following his appointment, it is intended that Mr. Bousfield will be grantedoptions over 500,000 ordinary shares of 1p in the Company. Europa's CEO, Hugh Mackay said, "It is encouraging to report that we remain oncourse to hit our full year production target of 165 boepd, for what would be athird consecutive year. Revenue from our UK production covers all corporateoverheads and helps fund exploration activity, specifically our share ofdrilling the Wressle prospect onshore UK in H1 2014. As a result, the vastmajority of the funds raised via the recent placing and open offer will be usedto advance Europa's existing portfolio of high impact projects onshore UK,offshore Ireland and onshore France, and also to pursue new ventures that matchour investment criteria. Europa's Chairman Bill Adamson added, "I am delighted to welcome Colin to theBoard. His extensive track record in securing debt and equity finance for oiland gas operating companies of all sizes, as well as his successful tenure asCFO for Composite Energy, makes Colin a valuable addition to our team duringwhat is shaping up to be an exciting period for Europa." The directorships and / or partnerships held by Colin David Bousfield, aged 56,in the previous five years are as follows: Present directorships / partnerships:None Directorships / partnerships held over past 5 years: Dart Energy (Europe) Limited - formerly Composite Energy Limited Dart Energy (Forth Valley) Limited - formerly Composite Energy (Forth Valley)Limited Dart Energy (West England) Limited - formerly Composite Energy (West England)Limited Dart Energy (East England) Limited - formerly Composite Energy (East England)Limited Dart Energy (Lothian) Limited - formerly Composite Energy (Lothian) Limited Dart Energy (Carbon Storage) Limited - formerly Composite Energy (CarbonStorage) Limited Dart Energy (Poland) Sp.zo.o - formerly Dart Energy (Poland) Sp.zo.o Rigdown Limited - formerly Geometric Drilling Limited Hutton Energy plc There is no further information on Mr. Bousfield required to be disclosed underSchedule Two, paragraph (g) of the AIM Rules for Companies. **ENDS** For further information please visit www.europaoil.com or contact: Hugh Mackay Europa +44 (0) 20 7224 3770 Phil Greenhalgh Europa +44 (0) 20 7224 3770 Matt Goode finnCap Ltd +44 (0) 20 7220 0500 Henrik Persson finnCap Ltd +44 (0) 20 7220 0500 Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177 Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177 Notes Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stagehydrocarbon assets that includes production, exploration and developmentinterests, in countries that are politically stable, have transparent licensingprocesses, and offer attractive terms. The Company produced 182 boepd in the UKduring the 2012/2013 financial year, generating sufficient revenues to covercorporate overheads. Its highly prospective exploration projects include theWressle prospect in the UK where a well is due to be drilled later in the nearterm; 100% owned gas exploration prospect (416 bcf) and appraisal project (CPR277 bcf) in onshore France; and a joint venture with leading independent Kosmosto explore two licences in offshore Ireland in which Europa has identified twoprospects with estimated gross mean un-risked indicative resources of 482million barrels oil and 1.6 billion barrels oil respectively.