Europa Oil & Gas (Holdings) plc saw revenue more than quadruple and onshore oil production increase by 183% mainly from its share in the Wressle joint venture in the East Riding of Yorkshire.
FINANCES
The company’s final results for the year to 31 July 2022 showed revenues of £6.6 million (2021: £1.4m), and pre-tax profit of £1.4m (2021: pre-tax loss £0.85m).
Net cash generated in operating activities was £2.5m (2021: used in operations £0.5m)
Cash balance (including restricted cash) was posted at £8.3m (2021: £0.9m)
OPERATIONS
Total net production of 245 boepd (2021: 93 bopd) was produced from Europa’s UK onshore fields with Wressle contributing roughly three quarters and the remainder coming from the three older fields.
Europa’s other assets include the UK offshore Serenity field, the Inezgane licence in the Agadir Basin offshore Morocco and licence FEL 4/19 offshore Ireland, of which the latter two are earmarked for farmouts.
The company hopes for an increase in production at Wressle through a gas solution and drilling the Penistone horizon, which are planned over the next 12-18 months.
Europa also hopes to drill the Broughton North prospect, which can be produced through the existing infrastructure at Wressle.
OPPORTUNITIES
Chief executive Simon Oddie said that its healthy balance sheet provided a basis to execute its strategy of building a more balance portfolio of assets.
“We will also continue to seek new appraisal opportunities to add to our portfolio.
“These are exciting times for Europa with plenty of operational activities that can all deliver additional shareholder value whilst we continue to build on our existing asset base.”