Business
Significant Increase in H1 Production and Revenues
Significant Increase in H1 Production and Revenues.
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\n8 February 2012\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n Significant Increase in First Half Production and Revenues \n\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and\ndevelopment company with a combination of producing and exploration assets in\nEurope, is pleased to announce a significant improvement in UK production and\nrevenues generated during the six month period ending 31 January 2012 compared\nto the equivalent period last year. The Company currently has three producing\nassets in the UK, all located onshore in the East Midlands, with a 100% working\ninterest in the West Firsby and Crosby Warren fields and a 65% working interest\nin the Whisby 4 well.\n\nHighlights (unaudited)\n\n * 61% increase in H1 2012 revenues to £2.4 million compared with £1.5 million\n in the same period in the previous year\n \n * Revenue improvement due to:\n \n + 23% increase in volumes to 187 barrels of oil per day (`bopd') compared\n with 151 bopd during the equivalent period last year\n \n + 39% increase in oil price to US$108.9 per barrel compared with US$82.7\n in 2011\n \n * Increase in volumes due to:\n \n + the West Firsby WF-9 well coming on stream\n \n + reduced downtime caused by breakdowns, drilling activities and weather\n conditions\n \n * Foreign exchange movements negatively impacted revenues by 1%\n \nEuropa's CEO, Hugh Mackay commented, \"I am highly encouraged by the performance\nof our producing UK assets during the first half of the year. Daily production\nhas been consistently higher than that of the previous year despite the recent\nworkover programme for West Firsby 7. I commend our operations team for their\ndedication and hard work in delivering this improvement and their ongoing\nefforts to improve operating efficiency.\n\n\"Our UK production continues to generate more than enough cashflow to cover our\noperating costs and provides a solid foundation from which we can develop our\nother highly exciting assets. Little or no value is being attached to our\nhighly prospective portfolio of exploration and development assets that include\nthe Berenx gas appraisal project and the Tarbes Val d'Adour re-development\nproject, both of which are located in France. Mana...