Business
Final Results for the year to 31 July 2020
Final Results for the year to 31 July 2020.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n 13 October 2020\n Europa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n Final Results for the year to 31 July 2020\n Europa Oil & Gas (Holdings) plc, the AIM traded Ireland, Morocco and UK focused oil and gas exploration, development and production company, announces its final results for the 12 month period ended 31 July 2020. \n The full Annual Report and Accounts will be available shortly on the Company’s website at www.europaoil.com and will be mailed in November 2020 to those shareholders who have requested a paper copy. \n Operational highlights\n Onshore UK – production on course to more than double to over 200bopd\n \n Wressle Development granted planning consent on appeal\n First oil at Wressle set to commence at an estimated gross rate of 500bopd late 2020\n Estimated break-even oil price (excluding Europa’s corporate overheads) of US$17.6 per barrel for Wressle, well below current oil prices\n 92boepd produced from Europa’s three existing UK onshore fields during the year – matches FY 2019 performance\n \n Offshore Ireland - portfolio refocused on proven gas play in the Slyne Basin\n \n Acquisition of a 100% interest in Frontier Exploration Licence (‘FEL’) 3/19, offshore Ireland, from DNO (pending regulatory approval) \n\nLocated close to the ~1tcf producing Corrib gas field in the Slyne basin and the 1.5 tcf Inishkea prospect on Europa’s 100%-owned FEL 4/19Includes the 1.2 tcf Edge prospect\n \n \n Applications submitted for the relinquishment of four licences offshore Ireland where primary prospectivity is oil - LO16/19, LO16/22, FEL2/13 and FEL3/13\n Total non-cash write-off of £4.0 million\n Forward plan to include FEL 3/19 in a relaunch of the farmout of its strategic position in the Slyne Basin\n \n Offshore Morocco - awarded 11,228 square km Inezgane licence in the Agadir Basin\n \n Area equivalent to about 50 UKCS North Sea blocks\n 14 prospects and 16 leads with the potential to hold in aggregate close to 10 billion barrels of unrisked oil resources mapped in the Lower Cretaceous fan sand play, a prolific producer in West Africa\n The 14 prospects each have mean resources in excess of 150 mmboe which add up to total resources in excess of 5 billion barrels of oil equivalent\n The 827 mmboe F...