Europa Oil & Gas plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
19 February 2013
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
First Half Production and Revenues
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and
development company with a combination of producing and exploration assets in
Europe, is pleased to announce UK production and revenues generated during the
six month period ending 31 January 2013 is in line with expectations. The
Company currently has three producing assets in the UK, all located onshore in
the East Midlands, with a 100% working interest in the West Firsby and Crosby
Warren fields and a 65% working interest in the Whisby 4 well.
Highlights (unaudited)
* H1 2013 revenue of £2.2 million (H1 2012: £2.4 million) for three onshore
producing UK assets
* Average H1 2013 volume achieved was 177 barrels of oil equivalent per day
(`boepd') (H1 2012: 190 boepd)
*
+ 177 boepd includes the equivalent of 6 boepd earned as commission on
oil deliveries Europa made on behalf of another oil company -
arrangement ceased in December 2012.
+ Workovers successfully completed on two West Firsby wells during the
period - both wells back on production
* On course to achieve full year production target of 180 boepd
* Oil price US$110.1 per barrel compared with US$108.9 in 2012
* Foreign exchange movements negatively impacted revenues by 1%
Europa's CEO, Hugh Mackay commented, "I am highly encouraged by the continuing
good performance of our producing UK assets which has generated revenues of £
2.2 million in the first half of this year. The back to back workovers on the
two West Firsby wells were potentially disruptive and I commend
our operations team for their efforts, dedication and professionalism in
completing the work efficiently. As a result we remain on course to hit our
full year production target of 180 boepd.
"The revenues generated by our UK production assets help fund our exploration
activity, most notably our share of drilling costs for either the Wressle or
Broughton prospects in the UK in H1 2013. We rate each of these as having a one
in three chance of increasing our current production. We will continue to
recycle the revenues generated from production into further exploration as we
look to monetise our asset base and in the process create value for
shareholders."
**ENDS**
For further information please visit www.europaoil.com or contact:
Hugh Mackay Europa + 44 (0) 20 7224 3770
Phil Greenhalgh Europa + 44 (0) 20 7224 3770
Matt Goode finnCap Ltd +44 (0) 20 7220 0500
Henrik Persson finnCap Ltd +44 (0) 20 7220 0500
Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Notes
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage
hydrocarbon assets that includes production, exploration and development
interests, in countries that are politically stable, have transparent licensing
processes, and offer attractive terms. The Company currently produces
approximately 180 boepd in the UK, generating sufficient revenues to cover
corporate overheads. In addition, it has highly prospective exploration
projects in the UK, Ireland and France.