Last checked at 19 Feb 2013 07:00
EUROPA OIL & GAS (HOLDINGS) PLC - Update on First Half Production and RevenuesEUROPA OIL & GAS (HOLDINGS) PLC - Update on First Half Production and Revenues
PR Newswire
London, February 18
Europa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
19 February 2013
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
First Half Production and RevenuesEuropa 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 UK production and revenues generated during thesix month period ending 31 January 2013 is in line with expectations. TheCompany currently has three producing assets in the UK, all located onshore inthe East Midlands, with a 100% working interest in the West Firsby and CrosbyWarren fields and a 65% working interest in the Whisby 4 well.
Highlights (unaudited)
* H1 2013 revenue of £2.2 million (H1 2012: £2.4 million) for three onshore producing UK assets * Average H1 2013 volume achieved was 177 barrels of oil equivalent per day (`boepd') (H1 2012: 190 boepd) * + 177 boepd includes the equivalent of 6 boepd earned as commission on oil deliveries Europa made on behalf of another oil company - arrangement ceased in December 2012. + Workovers successfully completed on two West Firsby wells during the period - both wells back on production * On course to achieve full year production target of 180 boepd * Oil price US$110.1 per barrel compared with US$108.9 in 2012 * Foreign exchange movements negatively impacted revenues by 1%Europa's CEO, Hugh Mackay commented, "I am highly encouraged by the continuinggood performance of our producing UK assets which has generated revenues of £2.2 million in the first half of this year. The back to back workovers on thetwo West Firsby wells were potentially disruptive and I commendour operations team for their efforts, dedication and professionalism incompleting the work efficiently. As a result we remain on course to hit ourfull year production target of 180 boepd.
"The revenues generated by our UK production assets help fund our explorationactivity, most notably our share of drilling costs for either the Wressle orBroughton prospects in the UK in H1 2013. We rate each of these as having a onein three chance of increasing our current production. We will continue torecycle the revenues generated from production into further exploration as welook to monetise our asset base and in the process create value forshareholders."
**ENDS**For further information please visit www.europaoil.com or contact:
Hugh Mackay Europa + 44 (0) 20 7224 3770Phil Greenhalgh Europa + 44 (0) 20 7224 3770Matt Goode finnCap Ltd +44 (0) 20 7220 0500Henrik Persson finnCap Ltd +44 (0) 20 7220 0500Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177NotesEuropa 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 currently producesapproximately 180 boepd in the UK, generating sufficient revenues to covercorporate overheads. In addition, it has highly prospective explorationprojects in the UK, Ireland and France.