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.
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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.
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