Europa's revenues soar as oil price and volumes rise
Europa Oil & Gas, the AIM-listed oil and gas exploration and development company, has reported a significant improvement in UK production and revenues generated during the six month period ending January 31st.
Europa Oil & Gas, the AIM-listed oil and gas exploration and development company, has reported a significant improvement in UK production and revenues generated during the six month period ending January 31st.
The firm achieved a 61% increase in the first half revenues to £2.4m compared with £1.5m in the same period in the previous year, resulting from a 23% increase in volume to 187 barrels of oil per day (bopd) and a 39% increase in oil price to $108.9 per barrel.
The increase in volume was due to the West Firsby WF-9 well coming on stream.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Officer 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.
"Our UK production continues to generate more than enough cashflow to cover our
operating costs and provides a solid foundation from which we can develop our
other highly exciting assets."
The share price rose 11.69% to 10.75p by 14:22.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.