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.

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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.

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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.

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