Business
Final Results for the year to 31 July 2016
Final Results for the year to 31 July 2016.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n\n3 October 2016\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nFinal Results for the year to 31 July 2016\n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, announces its final results for the 12 month period ended 31 July 2016.\n\nThe full Annual Report and Accounts will be available today on the Company’s website at www.europaoil.com and will be mailed to those shareholders who have requested a paper copy later this month.\n\nOperational highlights\n\n\nProceeding with development of Wressle discovery in North Lincolnshire with production expected to commence early 2017\n\nThree new UK onshore awards in 14th Round (one subsequently declined)\n\nFive new Licensing Options (‘LOs’) awarded offshore Ireland\n\nEuropa estimates 2.1 billion barrels of oil equivalent (‘boe’) and 1.5 tcf gas gross mean unrisked prospective and indicative resources on new Irish LOs\n\n100% interest and operatorship secured for FEL 2/13 and FEL 3/13 offshore Ireland following transfer from Kosmos\n\nMean unrisked NPV10 of US$7 billion for 100% interest in three prospects with 1.5 billion boe in FEL 3/13 provided by ERC Equipoise\n\nPositive Holmwood planning decision, preparatory work for drilling in 2017 underway\n\nFarmout of 7.5% of PEDL143; Europa has 32.5% interest, paying 25% of the cost of the Holmwood exploration well up to a gross cost of £3.2m\n\n123 boepd produced from UK onshore (2015: 141 boepd)\n\n\n Financial performance\n\n\nGroup revenue of £1.3m (2015: £2.2m)\n\n33% reduction in cost of sales from lower operating costs\n\n39% reduction in administrative expenses from non-recurring 2015 items and other savings\n\nPre-tax loss excluding exploration write-off and impairment of £0.7m (2015: loss £0.8m)\n\nPre-tax loss of £1.9m after £1.2m exploration write-off in Béarn des Gaves (2015: loss £4.1m after £2.2m exploration write-off in PEDL181 and £1.1m impairment against the West Firsby field)\n\nPost-tax loss for the year £1.6m (2015: loss £1.8m)\n\nCash used in operating activities £0.3m (2015: cash used £0.3m)\n\nNet cash balance as at 31 July 2016 £1.7m (31 July 2015: £3.2m)\n\n\...