Business
Drawdown on finance facility to upgrade produci...
Drawdown on finance facility to upgrade produci....
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nClient : Europa O&G\n\nSubject : Issue of Equity\n\nTarget media : Financial wire + business writers.\n\nDate : 7th December 2006\n\nFor immediate release:\n\n Europa Oil & Gas (Holdings) \n\n Drawdown on finance facility to upgrade producing field \n\nEuropa Oil & Gas, the AIM-listed production and exploration company (AIM: EOG),\nannounces that the Company has drawn down a further £95,000 of the share\nfinance facility entered into with the Headstart Group in exchange for 501,253\nnew ordinary shares.\n\nFollowing the allotment, the total number of shares in issue will be 62,023,919\nordinary shares. Application will be made for the new shares to be admitted to\nAIM. It is expected that dealings in the new shares will commence on 12th\nDecember 2006.\n\nThe funds will be used to upgrade the facilities at the newly acquired Crosby\nWarren Oilfield in the East Midlands Oil Province. It is expected that\nproduction at the field, which produced on average 35 bopd last year, will\nincrease significantly once the upgrade and operational synergies with the West\nFirsby Oilfield, operated by Europa, are completed.\n\nThe Company is not anticipating further drawdown of the finance facility in the\nnear future. The Company is currently generating strong cash flow from its East\nMidlands and Romanian production, which will be used to fund its 2007 drilling\nprogramme comprising up to 6 wells.\n\nPaul Barrett, Managing Director, commented, \"The Headstart finance facility\nenabled the Company to take advantage of an opportunity without calling on\nfunds earmarked for exploration and appraisal drilling. The Company is moving\nsteadily closer to its 1,000 boepd near-term production target\".\n\nEuropa Oil & Gas (Holdings) plc\n\nEuropa Oil & Gas (Holdings) plc focuses on the production and exploration of\nhydrocarbons in Europe and North Africa. Europa currently produces over 600\nbarrels of oil equivalent per day from its operations in the UK, Romania and\nthe Ukraine. Operating a balanced portfolio, Europa also has field appraisal\nand exploration activity on a number of projects in the UK and Romania and a\nstrong new ventures programme across Europe and the North African region.\n\nFor more information please visit www.europaoil.com\n\n\nContact Information:\n\nPaul Barrett, Managing Director, Europa Oil & ...