Business
AGM Statement
AGM Statement.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n \n \n \n \n \n 7 December 2022\n \n \n \n \n \n \n \n \n Europa Oil & Gas (Holdings) plc\n \n \n \n \n (\"Europa\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Annual General Meeting Statement\n \n \n \n \n \n \n Europa Oil & Gas (Holdings) plc, the AIM quoted UK and Ireland focused oil and gas exploration and production company, is holding its Annual General Meeting (\"AGM\") later today. At the AGM, Simon Oddie, CEO of Europa, will make a short presentation detailing the activities of the Company, which will be uploaded onto the Company's website shortly thereafter, and Brian O'Cathain, Chairman of Europa, will make the following statement:\n \n \n \n \n \n \n \n \"The last year was an exceptionally busy period for Europa, positioning it very strongly for the future. Despite the continuing economic volatility, the period delivered good operational results. Our onshore UK Wressle oilfield, which came onstream in January 2021, has continued to outperform expectations, underpinning our production where our total average net rate for the year ending 31 July 2022 was 245 bopd, strengthening both revenues and our balance sheet.\n \n \n \n \n \n Wressle hit an initial gross production rate in August 2021 of over 500 bopd, exceeding the pre-operations target. Following upgrades to the production facilities, these initial gross flow rates continued to increase, reaching the current rate of 700-750 bopd, or net 210-225 bopd to Europa. We are excited about undertaking further development on the Wressle field with a planned gas monetisation project unlocking further upside potential for oil production rates and gas sales from the field. This could add an additional 50% to oil production rates, further boosting Europa's revenues.\n \n \n \n \n \n As well as our onshore operational success at Wressle, we also farmed into the Serenity field offshore UK, taking a 25% interest in the Serenity oil discovery operated by i3 Energy (\"i3E\"). Although the appraisal well in October 2022 was disappointing and did not encounter oil-bearing sands, together with our partner i3E we are assessing the various development options to bring the field into production.\n \n \n \n \n \n ...