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 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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published