Europa Oil & Gas (Holdings) plc said it had recorded its strongest interim results since H1 2014 with a four-fold increase in revenue driven by Wressle oil production and high prices.
The company has oil and gas exploration, development and production interests in the UK, Morocco and Ireland
FINANCES
In its interim results for the six months ending 31 January 2022, Egdon reported revenue of £2.2 million (H1 2021: £0.5m).
Pre-tax profit was £0.7m (H1 2021: pre-tax loss £0.7m).
Net cash from operating activities was £0.9m (H1 2021: net cash used in operating activities £0.2m)
Unrestricted cash balance was £0.6m (31 July 2021: £0.6m)
ONSHORE UK OIL
Europa said that the Wressle oilfield was “moving from strength to strength”.
Following the proppant squeeze in August 2021 at Wressle, Europa’s total net oil production more than doubled to 208bopd.
The company added that there were “new possibilities” relating to geothermal energy for West Firsby legacy oil field in the West Midlands.
OFFSHORE MOROCCO
In August 2021, Europa began the farm-out of the Inzegane offshore permit located in the Agadir Basin.
The company has a 75% interest in Inzegane and operatorship of the licence covering 11,228 km2.
OFFSHORE IRELAND
Europa’s offshore Ireland interest lies in infrastructure-led exploration in the proven Slyne Basin gas play.
Farm-out continues on licence FEL 4/19 which holds the flagship 1.5 tcf Inishkea prospect adjacent to existing infrastructure at the producing Corrib gas field.
DIVERSIFICATION
Following the period under review, Europa raised £7.02m, and proposed the acquisition of a 25% interest in the Serenity discovery in the UK North Sea.
Chief executive Simon Oddie added that the Serenity discovery would see the company put in place the third leg of the business, representing near-term appraisal and development.
“The year is shaping up to be transformational for both our diversified energy portfolio and our financial position.”