Advertisement

First half revenue down 8.0 per cent at Europa Oil and Gas

Revenue for the first half of the fiscal year 2013 was down 8.0 per cent at AIM-listed Europa Oil & Gas, financial results from the company have shown.

Revenue for the first half of the fiscal year 2013 was down 8.0 per cent at AIM-listed Europa Oil & Gas, financial results from the company have shown.

The company reported that revenue fell to £2.2m compared to £2.4m in the first half of 2011 for three onshore producing UK assets.

Advertisement - Article continues below

The average volume of oil produced every day over the same period was down 7% to 177 barrels of oil equivalent per day.

However, the group reported that it was on course to achieve a full-year production target of 180 barrels of oil equivalent per day.

The oil price per barrel was also up 1.10% to $110.1 per barrel compared to $108.9 in 2012.

Hugh Mackay, Chief Executive Officer of Europa Oil & Gas, reacted by saying that: "I am highly encouraged by the continuing good performance of our producing UK assets which has generated revenues of £2.2m in the first half of this year.

"The back-to-back work-overs 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 barrels of oil per day."

"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 the first half of 2013."

Europa Oil & Gas has a diversified portfolio of multi-stage hydrocarbon assets that includes production, exploration and development interests.

Europa Oil and Gas's share price was unchanged at 10.12p at 09:30 on Tuesday morning.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020