Business
Final Results for the year to 31 July 2018
Final Results for the year to 31 July 2018.
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\n17 October 2018\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nFinal Results for the year to 31 July 2018\n\nEuropa Oil & Gas (Holdings) plc, the UK and Ireland focussed oil and gas exploration, development and production company, announces its final results for the 12 month period ended 31 July 2018.\n\nThe full Annual Report and Accounts will be available shortly on the Company’s website at www.europaoil.com and will be mailed in November 2018 to those shareholders who have requested a paper copy.\n\nOperational highlights\n\nOffshore Ireland\n\n\nSix prospects with combined potential of 2.5 trillion cubic feet (‘tcf’) of Gas Initially In Place (‘GIIP’) mapped on LO 16/20 in the Slyne basin.\n\nCompleted Pre-Stack Depth Migration (‘PSDM’) reprocessing of 1,548km2 3D seismic covering FEL 1/17 and FEL 3/13, in the South Porcupine. Prospect inventory upgraded to 3.5 billion boe gross mean unrisked prospective resources (‘GMUPR’) in six prospects.\n\nCompleted PSDM reprocessing of 950 km2 3D seismic over FEL 2/13. Prospect inventory identified 817mmboe GMUPR in three top ranked prospects.\n\nPorcupine virtual data room (‘VDR’) and farmout process opened.\n\nCommenced PSDM reprocessing of 770 km2 3D seismic data over LO 16/20 and preliminary drilling planning for a possible 2019 exploration well on the Inishkea prospect.\n\n\n\nCompleted 976 km2 3D seismic acquisition over Cairn Energy operated LO 16/19.\n\n\nUK\n\n\nPEDL180 (Wressle) the Planning Inspectorate rejected an appeal against North Lincolnshire County Council Planning Committee’s decision to reject a planning application for the Wressle oil development. A new planning application for the Wressle oil development has been submitted to North Lincolnshire County Council and is in the review process.\n\nThe application to extend planning permission at the Wressle site was refused by the planning committee; an appeal against this decision has been submitted to the Planning Inspectorate.\n\n\nFinancial\n\n\nGroup revenue of £1.6m (2017: £1.6m)\n\nExploration write-off £1.3m (2017: nil)\n\nPre-tax loss of £2.3m (2017: loss £0.7m)\n\nPost-tax loss for the year £2.6m (2017: loss £0.5m)\n\nCash used in operating activities £...