Regional Business Information for Yorkshire
Europa revenues up 61%
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8th February 2012
Europa Oil & Gas (Holdings) saw a significant increase in production and revenues in the six months to the end of January.
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.
It said first half revenues were 61% up at £2.4m due to a 23% increase in volumes to 187 barrels of oil per day and a 39% increase in oil price to $108.9 per barrel.
It said the increase in volumes was due to the West Firsby WF-9 well coming on stream and reduced downtime caused by breakdowns, drilling activities and weather conditions.
The company said foreign exchange movements negatively affected revenues by 1%.
Chief executive Hugh Mackay said: "I am highly encouraged by the performance of our producing UK assets during the first half of the year.
"Daily production has been consistently higher than that of the previous year despite the recent workover programme for West Firsby 7."
At 9:13am: (LON:EOG) Europa Oil & Gas (Holdings) share price was +1.51p at 11.13p
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