Europa Oil & Gas (Holdings) plc revenue fell by nearly half on lower oil production and prices following a busy and “at times challenging” year.
POTENTIAL
The company’s interests are onshore UK – notably the Wressle joint venture – Equatorial Guinea and Ireland.
Results for 12 months ended 31 July 2024 show revenue fell 46% to £3.6 million, also affected by the a three-month shut at Wressle (2023: £6m).
Gross profit plummeted to £300,000 (£3.4m).
The group recorded a pre-tax loss of £6.8m after non-cash exploration impairment loss of £5m (pre-tax loss £900,000 after non-cash impairment loss of £1.7m).
Total comprehensive loss for the year reached £6.8m (£847,000).
Operating activities cost net cash £600,000 (£2.8m net cash generated by operations) while its cash balance fell to £1.5m (£5.2m).
During the 12 months, Europa focused in progressing its new Equatorial Guinea licence and started a farm-in process.
The company also identified Burniston Mill as the location for an appraisal well at Cloughton, onshore UK, targeting drilling for 2025 to demonstrate the well’s productivity.
Europa decided against applying for an extension to the Serenity licence, offshore UK.
The company continues to find a farm-in partner for the FEL 4/19 exploration licence, containing the Inishkea West gas prospect, adjacent to the Corrib gas field, offshore Ireland.
“By developing a well-balanced portfolio of assets across trusted oil and gas jurisdictions, we remain in a stable position to deliver solid operational progress in the coming months,” said chairman Brian O’Cathain.
“2025 will be an exciting period for Europa with activity across many of our assets that has the potential to materially drive shareholder value.
“We look forward to what should be a highly productive next 12 months for Europa with a number of key projects progressing as planned.”