Europa Oil & Gas Holdings Plc highlighted milestones achieved during the past year across its portfolio, including the key ramp up of production at the Wressle field.
Achievements such as the delivery of Wressle as a 500 barrel per day operation have laid the foundations for an exciting new phase in the company’s growth trajectory, said chief executive Simon Oddie.
At 500 bopd, Europa’s share of production is around 200 bopd, and more recently it has performed ahead of expectations. In September, Wressle yielded an increased rate of around 950 boepd.
“Wressle is showing capacity to produce at significantly higher rates than the previous target and further major development potential exists in other reservoirs,” Oddie said in Thursday’s annual results statement.
“With oil prices above US$80/barrel, this achievement provides a massive boost to the company’s financial profile and in turn will give us a platform with which to pursue our strategy of developing significant value accretive opportunities while minimising risk.”
Europa generated GBP1.4mln of revenue in the twelve months ended July 31, based on the early production from Wressle measured at a rate of 93 barrels of oil equivalent per day which offset decline from the company’s other onshore UK production operations.
The company reported a pre-tax loss of GBP0.85mln and ended the period with a cash balance of GBP0.6mln.
Oddie on Thursday also highlighted the progress through the rest of Europa’s portfolio.
“We are also pleased with the response to the farmout launch for our highly prospective Inezgane Licence in Agadir Basin, Morocco and the strong interest, to date, from potential operators,” he said.
“I am excited about the future possibilities at Inezgane, which has the potential to hold over two billion barrels of unrisked prospective resources and complements the company’s goal to have a balanced portfolio of energy assets.
“The technical work completed in the last 12 months has focused on the top five ranked prospects – each of which have mean resources in excess of 200mln boe at the Albian level.”
The company continues to await regulatory approval for our acquisition of a 100% interest in Frontier Exploration Licence 3/19 located close to the Corrib gas field, offshore Ireland.
Elsewhere, he added: “Europa is also advancing its ESG ambitions during the past year signing a MOU with Causeway Geothermal (NI) Ltd.in late June to investigate the potential of our mature oilfield at West Firsby in the East Midlands, as a test site for the production of geothermal energy.
“This firmly aligns with our stated objective of playing a key role in the UK’s transition to green energy.”
