23rd Oct 2023 13:33
Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - In the year ended July 31, reports a pretax loss of GBP884,000, compared to a profit of GBP1.4 million the year prior. Revenue rises to GBP6.7 million from GBP6.6 million year-on-year. Notes the stable revenue figure was despite a lower oil price and weaker pound during the period. Records a GBP1.7 million exploration write-off in the year, as well as significantly higher expenses. Administrative expenses jump to GBP1.9 million from GBP821,000, while finance expense climb to GBP717,000 from USD238,000.
More positively, company says production at Wressle, offshore UK, continues to exceed expectations. Averages 710 barrels of oil per day throughout the year, up from 597 bopd the year prior.
Current stock price: 1.22 pence, up 8.7% in London on Monday
12-month change: up 3.6%
By Heather Rydings, Alliance News senior economics reporter
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