Business
Major Increase in Full Year Production and Reve...
Major Increase in Full Year Production and Reve....
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\n15 August 2012\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n UK Operations Update Including Major Increase in Full Year Production and \n Revenues \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration,\ndevelopment and production company focussed on Europe, is pleased to provide\nthe following trading statement and operations update which includes a\nsignificant improvement in full year UK production and revenues for the twelve\nmonths ending 31 July 2012. The Company currently has three producing assets in\nthe UK, all located onshore in the East Midlands: West Firsby (100% working\ninterest); Crosby Warren (100% working interest); and the Whisby 4 well (65%\nworking interest).\n\nOverview:\n\n * Full year revenue up 34% to £5.1 million (2011: £3.8 million)\n \n * Increase in revenue due to:\n \n * \n + 19% growth in oil volumes to 72,360 barrels (2011: 60,956 barrels) -\n average daily production including gas sales of 200 barrels of oil\n equivalent per day (\"boepd\") (2011: 169 boepd) in line with management\n expectations\n \n + 10.5% increase in average oil price achieved to US$110.0 per barrel\n (2011: US$99.4)\n \n * Drilling at either Wressle or Broughton prospects in the UK now expected to\n commence in Q1 2013\n \n * Holmwood prospect planning appeal completed 19 July 2012 - result expected\n in Q4 2012\n \n * 3.7 MMbbl net mean un-risked prospective oil resources for Broughton,\n Wressle and Holmwood as estimated in the recently published Competent\n Person's Report\n \nEuropa's CEO, Hugh Mackay commented, \"I am delighted with the full year\nperformance of our UK producing assets which, having produced an average of 200\nboepd, has hit our production target. The 19% increase in full year volumes to\n72,360 barrels compared to the previous year is partly a result of the WF-9\nwell at West Firsby coming on stream. In addition, our operations team has\nimplemented a series of initiatives aimed at improving operational efficiency\nthat have contributed to a reduction in downtime and in turn, a significant\nincrease in the number of barrels recovered during the year. The higher average\noil price over the period has also undoubtedly been a positive factor in the\n34% incre...