Business
Annual Report and Accounts
Annual Report and Accounts.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nResults for the year ended 31 July 2008\n\nEuropa Oil & Gas (Holdings) plc (EOG) the independent oil & gas exploration and\nproduction group with assets in Europe and North Africa, today announces its\nresults for the 12 months ended 31 July 2008.\n\nOperational highlights\n\n * Crude Oil sales totaled 88,710 barrels an increase of 15% on 2007\n * Drilled and completed Crosby Warren-2Y as an oil producer\n * Awarded 3 new licences in the UK East Midlands\n * Secured planning permission for 2 onshore wells in the UK East Midlands\n * Drilled and tested Boistea-1, currently shut-in for commercial evaluation\n * Completed the Costisa-2 well, which flowed gas at non-commercial rates\n * Awarded a second licence in the French Aquitaine Basin\n * Entered into a letter of intent with Swedish E&P company to sell Ukraine \n asset\n \nFinancial Highlights\n\n * Revenue of £4.4 million (2007: £2.5 million)\n * Profit before tax of £2.1 million (2007: £0.3 million)\n * Profit after tax from continuing operation of £0.4 million (2007: £0.1\n million loss)\n * Basic earnings per share from continuing operations 0.71 pence (2007: loss\n of 0.10 pence)\n \nPost balance sheet events\n\n * Spudded the Lilieci-1 exploration well\n * Agreed to reduce equity interest in Brates Block East to 20%\n * Share finance facility terminated\n * Holmwood-1 planning application submitted\n * Commenced constuction at Hykeham-1 wellsite\n \nFor further information, please contact:\n\nPaul Barrett Europa Oil & Gas (Holdings) plc 07971 528754\nJonathan Wright Seymour Pierce 0207 107 8050\n\nChairman's statement\n\nI am very pleased to report a 76% increase in revenues during the reporting\nperiod to £4.4 million, a result of higher oil prices and increased production\nvolumes.\n\nWith continued tight control of costs, this generated a pre tax profit of \n£2.1 million and basic earnings from continuing operations of 0.71 pence per\nshare. The Group has made the transition to IFRS and this is the first full\nyear that financial statements are presented under IFRS.\n\nDuring the year, your company completed the Crosby Warren-2Y well, in the UK,\nwhich was put into full-time production in January. This boosted Group\nproduction, resulting in an overall 15% increase in volumes over the previous\nperiod. In total, the company produced 88,710...