Business
Update on First Half Production and Revenues
Update on First Half Production and Revenues.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas \n\n19 February 2013\n\n Europa Oil & Gas (Holdings) plc (`Europa' or `the Company') \n\n 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 UK production and revenues generated during the\nsix month period ending 31 January 2013 is in line with expectations. The\nCompany currently has three producing assets in the UK, all located onshore in\nthe East Midlands, with a 100% working interest in the West Firsby and Crosby\nWarren fields and a 65% working interest in the Whisby 4 well.\n\nHighlights (unaudited)\n\n * H1 2013 revenue of £2.2 million (H1 2012: £2.4 million) for three onshore\n producing UK assets\n \n * Average H1 2013 volume achieved was 177 barrels of oil equivalent per day\n (`boepd') (H1 2012: 190 boepd)\n \n * \n + 177 boepd includes the equivalent of 6 boepd earned as commission on\n oil deliveries Europa made on behalf of another oil company -\n arrangement ceased in December 2012.\n \n + Workovers successfully completed on two West Firsby wells during the\n period - both wells back on production\n \n * On course to achieve full year production target of 180 boepd\n \n * Oil price US$110.1 per barrel compared with US$108.9 in 2012\n \n * Foreign exchange movements negatively impacted revenues by 1%\n \nEuropa's CEO, Hugh Mackay commented, \"I am highly encouraged by the continuing\ngood performance of our producing UK assets which has generated revenues of £\n2.2 million in the first half of this year. The back to back workovers on the\ntwo West Firsby wells were potentially disruptive and I commend\nour operations team for their efforts, dedication and professionalism in\ncompleting the work efficiently. As a result we remain on course to hit our\nfull year production target of 180 boepd.\n\n\"The revenues generated by our UK production assets help fund our exploration\nactivity, most notably our share of drilling costs for either the Wressle or\nBroughton prospects in the UK in H1 2013. We rate each of these as having a one\nin three chance of increasing our current production. We will continue to\nrecycle the revenues generated from production int...