10th Feb 2014 08:45
LONDON (Alliance News) - Europa Oil & Gas PLC Monday said it is on track to achieve its full-year 2014 production target despite lower production in its first half.
The oil and gas exploration and development company said its revenue for the six month period ending January 31 was in line with expectations at GBP2.1 million, slightly down from GBP2.2 million in the same period the previous year.
The company also said its production volumes for the period were in line with expectations, slightly lower at an average 170 barrels of oil equivalent per day during the period from 177 barrels of oil equivalent per day in the previous year, due partly to the end of an agreement which provided Europa with 6 barrels of oil per day on commission from December 2012.
The company said it is on course to achieve its full-year production target of an average 165 barrels of oil equivalent per day.
Europa said it achieved a lower oil price during the period of USD108.2 per barrel average, as opposed to USD110.1 per barrel the previous year, and said that foreign-exchange movements also negatively impacted revenues by 1% during the period.
The company noted that its cash balances at January 31 were up significantly at GBP4.8 million compared from GBP800,000 at the same point in 2013.
Europa also said it has appointed Colin Bousfield to the board as a non-executive director.
The company has three producing assets in the UK, all located onshore in the East Midlands, with a 100% working interest in the West Firsby and Crosby Warren fields and a 65% working interest in the Whisby 4 well.
Europa shares were up 1.6% at 9.14 pence early Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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