19th Apr 2012 07:00
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector:
Oil & Gas
19 April 2012
Europa Oil & Gas (Holdings) plc (`Europa' or `the Company')
Interim Results
Europa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration and development company with a combination of producing and exploration assets in Europe, announces its interim results for the six month period ended 31 January 2012.
Highlights
- Significant increase in production and revenues
- Cash generated from operations in H1 2012 higher than full year 2011
- Identified new shallow gas play in the B©arn des Gaves permit, France
- Acquired two Irish Atlantic Margin licences
- Acquired seismic over Wressle and Broughton prospects -
processing and interpretation ongoing
- Appointed new CEO with incentive package to grow the Company
- Undertaking in-depth review of assets and commissioned competent
person's report
- Elected to withdraw from Brodina licence, Romania
Post reporting date events
- Announced withdrawal from Cuejdiu licence, Romania
- February and March production levels higher than H1 average
Chairman's Statement
During the six months to 31 January 2012, we have made progress inmoving our diverse, multistage, portfolio of European focussed assets forward.As a result of the work undertaken, we are well-placed to drill up to threehigh impact wells in the UK over the next 18 months. This work is anticipatedto commence in the second half of this year with the Wressle prospect in theUK, which we rate as having a one in three chance of adding materially to ourcurrent oil production average of approximately 200 barrels per day. Inaddition, discussions are progressing towards conclusion of two farm-outagreements which could lead to a further two wells in the next 18 months.Much has been achieved behind the scenes at both strategic andoperational levels that will lay the foundations for our drilling programme.We have subjected all our licences to robust technical and commercial analysisto ensure that they warrant further investment and development. Thiscomprehensive review of each of our assets both in isolation and in thecontext of our overall portfolio is nearing completion, and starting to bearfruits. For example, as a result of our work during the period at our FrenchB©arn des Gaves permit, home of the potentially huge Berenx deep gas prospect,we have identified a previously unknown shallow gas play. Earlier explorationon the permit centred on the well-known deeper gas prospects, includingBerenx. We are very excited about this new gas play and in response tointerest received from potential partners, we took the decision to divide thepermit into two sections with 4,000m acting as the cut off depth, giving usthe option to farm-out both plays individually to different partners. Weremain actively involved in farm-out discussions and we hope to be in aposition to provide an update shortly with our progress.Our portfolio review has covered all aspects of each licence,including volumetrics. In order to verify our assessment of the level ofreserves and resources, ERC Equipoise Limited has been instructed to undertakea Competent Person's Report (`CPR') on our UK and French assets. We will soonbe publishing the findings of the report, which will serve as an independentvalidation of the prospectivity and potential of our core asset base and atthe same time will provide a strong foundation from which we can advance eachlicence.Our asset base is comprised of projects at various stages ofmaturity including: production in the UK that generates sufficient cashflow tocover corporate overheads; appraisal in the UK and France offering low riskopportunities to increase production in the short term; and highly prospectiveexploration in France, the UK, the Irish Atlantic Margin and Western Sahara.We continue to actively manage this diverse and sizeable portfolio to maintainthe balance of production, development and exploration projects with the aimof delivering consistent value creation over an extended period of time.As we have shown in recent announcements, particularly in relationto Romania, there are no sacred cows in our portfolio. If a licence no longersatisfies our strict risk / reward criteria then we will look to withdraw ourinterest. Operationally, the disappointing results of the Hordonic-1 well onthe Brodina concession provided an unwelcome reminder of the risks associatedwith hydrocarbon exploration. However, they also highlight the benefits ofholding a large and diversified portfolio of assets such as ours which spreadsexploration risk and allows the pipeline of projects to keep moving with onlyminimal disruption.Of course as projects mature or no longer fit with our investmentcriteria we need to ensure our pipeline of opportunities is replenished andduring the period we added two exploration licensing options in the IrishAtlantic Margin, a highly prospective region where significant discoverieshave previously been made and where interest is once again growing. Ireland isincreasingly being viewed as an emerging hydrocarbon play following drillingsuccess in recent months. The securing of the licences in the Irish AtlanticMargin is an example of how we constantly evaluate opportunities to add to ourasset base.In the UK, as mentioned earlier, we remain on course to drill anexploration well at our Wressle prospect later this year following theacquisition and processing of 3-D seismic in H1 2012. This same seismic datacovers the Broughton prospect which we also rate as having a one in threechance of adding materially to our daily production. We have a 33.3%non-operated interest with our partners in both wells and may drill Broughtonin 2013 subject to funding. In addition, we submitted our appeal against the2011 decision by Surrey County Council not to grant permission to drill atemporary exploration well to test the Holmwood prospect in PEDL 143 in theWeald Basin. This decision was made despite the planning officers covering thecase indicating support for the well. The appeal is due to be heard in July2012 and subject to a favourable ruling and the necessary funds beingavailable, the Company intends to drill the exploration well during 2013.Meanwhile, our UK producing assets have performed well and I ampleased to report that production during the months of February and March 2012has been higher than recent monthly averages. This, along with the successfulexecution of the unscheduled workover programme for the West Firsby 7 (WF-7)well, which was shut due to a hole in a section of the tubing, is testament tothe expertise and commitment of our team on the ground. Production performancein the period was pleasing, helping to generate a 61% increase in revenue overthe first half of 2011. Cash generated from operations in the first half of2012 was higher than that generated in the full year of 2011.
On 31 October 2011, the Company issued 7,777,776 shares at 9p raising £665,000 net of costs. There were no other shares issued in the 6 months to 31 January 2012.
During the period, Hugh Mackay officially joined us as ChiefExecutive. Hugh brings a wealth of experience to Europa having previously heldsenior positions at BP, Enterprise Oil, The Peak Group, AGR Petroleum andAvannaa Resources. Upon taking up his position on 10 October 2011, Hugh hasled the in depth review of our asset base that I have commented on in thisreport. At the same time, in addition to acquiring shares in Europa, Hugh wasgranted an options package with exercise prices set considerably higher thanthe current market price, thereby aligning his interests with those ofshareholders. Agreeing to such terms can be considered a vote of confidence inthe prospects for the Company and its assets.Having spent the last six months thoroughly reviewing our licences,we are now well placed to progress a number of our assets further along thedevelopment curve. After the efforts of our team over the last six months, thesecond half of the year promises to be the start of an exciting period for theCompany that has the potential to deliver a material change to the value ofour portfolio and, in the process, generate considerable value forshareholders.WH AdamsonChairman, 18 April 2012Operations ReportEuropa operates exploration, production and appraisal assets acrossthree core EU jurisdictions - UK, France and Romania. During the six months to31 January 2012, the Company acquired licences in the Irish Atlantic Margin,adding a fourth EU jurisdiction to its portfolio.
United Kingdom
Europa's portfolio in the UK is a combination of exploration, appraisal and producing assets. The producing assets comprise three sites in the East Midlands.
ExplorationUK exploration during the six month period centred on theacquisition, with our partners Egdon Resources and Celtique Energie PetroleumLtd, of 45 km2 of 3-D seismic, covering the Wressle prospect and the Broughtonoil discovery both of which are located in PEDL 180 and 182 in the EastMidlands Petroleum Province. Plans are currently being drawn up to drill awell at Wressle later this year and we are considering the possibility of afollow up well at Broughton.In December 2011, the Company submitted its appeal against thedecision by Surrey County Council in May 2011 not to grant permission to drilla temporary exploration well to test the Holmwood prospect on the PEDL 143licence located in the Weald Basin, Surrey. This decision was made despite theplanning officer covering the case indicating support for the well. The appealis due to be heard in July 2012. Subject to a favourable ruling, the Companyis looking to drill the exploration well in 2013.
Production - West Firsby and Crosby Warren (100%), Whisby-4 (65%)
During the six month period to 31 January 2012, the Company saw a61% increase in revenues to £2.4 million compared to £1.5 million in theequivalent six months of the previous year. A 23% increase in volumes to 187barrels of oil per day (`bopd') (H1 2011: 151 bopd) during the period combinedwith a 39% increase in the oil price to US$108.9 (H1 2011: US$82.7) lay behindthe strong performance. The contribution from the West Firsby WF-9 well alongwith reduced downtime caused by breakdowns, drilling activities and adverseweather contributed to the jump in production. This strong performance wasachieved despite unscheduled downtime at WF-7 caused by a hole in a section ofthe tubing. The workover programme was completed on schedule, keeping theeffect of the shut-in on overall production to a minimum.
Since the period end, the good performance of the UK producing assets has continued. February production was 231 bopd, our highest monthly production rate since November 2008. In March, our average was 222 bopd.
In connection with our review of assets, the Company considered the potential value in fracking the CW-1 well. We have concluded that the associated risks clearly outweigh possible increases in production and have therefore decided not to frack the well. The Board has further decided to record a £785,000 impairment charge against the Crosby Warren assets.
France
Europa holds 100% interest in two permits with both development andexploration potential in the Aquitaine Basin, adjacent to the producingLacq-Meillon gas fields. The B©arn des Gaves permit contains a sizeable deepgas play that has previously been explored but low prevailing gas prices andlimited technology led to the then operator Elf relinquishing the licences inthe 1980s. In November 2011, the Company submitted its renewal application toextend the terms of the permit for a further three years. The renewal processcommenced in March 2012 and can take up to 15 months to complete.Reprocessing and interpretation of existing seismic during theperiod identified a previously unknown shallow gas play on the B©arn des Gavespermit. Earlier exploration work on the permit had focussed only on deep lyinggas prospects. As a result, the Company decided to divide the licence into adeep and shallow play with 4,000m being the cut off level. Discussions withpotential partners for both the newly identified shallow gas play and Berenxdeep are ongoing.At the same time, farm-out discussions are in train with potentialpartners for the Tarbes Val d'Adour permit. Tarbes holds a number of oilaccumulations including the Osmets and Jacques fields, both of which producedmodest quantities of oil under Elf in the 1980s. The licence renewal processis currently underway with the Company actively engaged with the relevantFrench authorities.
Romania
At the beginning of the six month period under review, the Company held interests in four exploration licences in Romania.
In January 2012, Europa announced its decision to withdraw from oneof these, the Brodina licence (Europa 28.75%) in northern Romania, followingthe unsuccessful Horodnic-1 exploration well which failed to indicate thepresence of potentially hydrocarbon bearing intervals. The withdrawal from theconcession resulted in a write-off of previously incurred drilling and otherexploration expenses of £4 million.Post the reporting date, Europa, with its partners Aurelian andRomgaz, announced the withdrawal of its involvement from the Cuejdiu licence(Europa's interest having been 17.5%). As with all its licences, an extensivereview of the Cuejdiu concession both in isolation and within the context ofthe Company's portfolio as a whole had been undertaken. This involved adetailed technical and commercial evaluation of all aspects of the licenceincluding the prospectivity of the project, anticipated costs attributable toEuropa's continued participation, associated commitments, timetable andgeologic risk. The result of this analysis has led to the Company's decisionto withdraw resulting in a write-off of previously incurred drilling and otherexploration expenses of £1.3 million. Withdrawal from the Cuejdiu licenceshortly after the reporting date was considered by the Directors to indicatethat impairment had occurred in the current period. For this reason thewrite-off has been recorded the period ending 31 January 2012.
Following its withdrawal from the Cuejdiu licence, Europa has interests in two further concessions in Romania, Brates (100%) and Bacau (19%). The Bacau licence is operated by Raffles Energy and a review of existing data is currently underway.
In September 2011, the Company was notified by the Romanian taxauthorities that the sum of £0.6 million (including penalties) is payable insettlement of a VAT liability triggered by the sale of the Company's Bilca Gasfield in 2007. We have submitted an appeal to the Romanian tax authoritieswhich is progressing. Advice from local tax advisors KPMG continues to be thatour technical case is strong.IrelandIn October 2011, the Company was awarded two exploration LicensingOptions in the Irish Atlantic Margin licensing round, covering two four-blockparcels in the Porcupine Basin situated off the west coast of Ireland with atotal area of approximately 2,000 sq km. Previous drilling in the basin led tothe discovery of Connemara, Spanish Point and Burren, providing evidence forthe existence of a viable petroleum system. Our focus will be to identifylarge stratigraphic traps in Cretaceous and younger submarine fan systemssimilar to those that have been proved to be successful elsewhere along theAtlantic Margins.The awarded areas are situated on the margins of the PorcupineBasin in water depths of between 700m and 2,000m in Quads 43 and 54. There aremodest work programmes attached to the licences over a two year periodrequiring reprocessing and interpretation of seismic, and an option to convertinto a 15 year Frontier Exploration Licence to undertake seismic and drillingoperations.
Since acquiring the licences, the Company has worked to secure a farm-out and any update on this front will be released to the market accordingly.
Western Sahara
Europa holds interests in Western Sahara licenced by the Sahrawi Arab Democratic Republic. The 100% interest in the licence covers almost 80,000 sq km of exploration acreage and crosses the Tindouf and Aaiun basins. The concession has significant potential for both conventional and unconventional gas resources, specifically shale gas. The Tindouf Basin is geologically similar to the prolific Algerian Palaeozoic basins. Meanwhile, the Aaiun Basin is an Atlantic margin basin similar to that developed along the West African margin.
The Company is currently looking to farm-out its interest in the licence and an appropriate announcement will be made in due course.
Outlook
Europa Oil and Gas is first and foremost an exploration company,albeit with producing assets in the UK that generate sufficient cash flow tocover corporate overheads. The reported activity that has taken place acrossour licences during the period, including acquiring and interpreting seismicdata in the UK and France and negotiating with potential farm-in partners inFrance, Ireland, Romania and Western Sahara, is all geared towards maximisingthe value of our portfolio whilst minimising risk. In addition we havefurthered our understanding of the prospectivity of our assets, as illustratedby the identification of a previously unknown shallow gas play at the B©arndes Gaves licence in France. Europa is now well placed to embark on a multiwell drilling programme, starting with our Wressle prospect in the second halfof 2012, and we look forward to providing further updates on our progress indue course.HGD MackayCEO, 18 April 2012Licence Interests Table Field/ Country Area Licence Prospect Operator Equity Status UK East Midlands DL003 West Firsby Europa 100% Production DL001 Crosby Warren Europa 100% Production PL199/215 Whisby-4 BPEL 65% Production PEDL150 Hykeham / West Whisby Europa 75% Exploration PEDL180 Wressle Egdon 33% Exploration PEDL181 Caister Europa 50% Exploration PEDL182 Broughton Egdon 33% Exploration Weald PEDL143 Holmwood Europa 40% Exploration North Sea Holderness Offshore UCG Europa 90% Exploration Humber South Offshore UCG Europa 90% Exploration Ireland Porcupine LO-11-7 (Quad 43) Western margin Europa 100% Exploration LO-11-8 (Quad 54) Eastern margin Europa 100% Exploration France Aquitaine B©arn des Gaves Berenx (deep) Europa 100% Exploration/Appraisal B©arn des Gaves Berenx (shallow) Europa 100% Exploration/Appraisal Tarbes val d'Adour Osmets/Jacque Europa 100% Exploration/Appraisal Romania Carpathians EIII-4 Bacau Raffles 19% Exploration EPI-3 Brates Barchiz deepening Europa 100% Exploration Western Sahara Tindouf Bir Lehlou Europa 100% Exploration Aaiun Hagounia Europa 100% ExplorationFinancials
Unaudited consolidated statement of comprehensive income
Year to 6 months to 6 months to 31 July 31 January 31 January 2011 2012 2011 (audited) £000 £000 £000 Revenue 2,362 1,468 3,766Other cost of sales (1,214) (889) (2,216)Exploration write-off (5,335) - -Impairment of producing fields (785) - (425)Total cost of sales (7,334) (889) (2,641) -------- -------- --------Gross (loss) / profit (4,972) 579 1,125 Administrative expenses (279) (248) (646)Finance income 69 60 1Finance expense (393) (83) (189) -------- -------- --------
(Loss) / profit before taxation (5,575) 308
291Taxation (35) (681) (523) -------- -------- --------Loss for the period from continuing (5,610) (373)
(232)
operations
Discontinued operationsLoss for the period from discontinued - -
(788)
operations
Loss for the period attributed to the (5,610) (373) (1,020) equity holders of the parent
Other comprehensive incomeExchange gains/(losses) arising on 89 (88)
8
translation of foreign operations
-------- --------
--------
Total comprehensive loss for the period (5,521) (461) (1,012)attributable to the equity shareholdersof the parent ======== ======== ======== Pence per Pence per Pence per share share shareLoss per share (LPS)Basic and diluted LPS from continuing (4.19)p (0.40)p (0.22)poperationsBasic and diluted LPS from discontinued - -
(0.74)p
operations
Basic and diluted LPS from continuing (4.19)p (0.40)p (0.96)p and discontinued operations
Unaudited consolidated statement of financial position
31 July 31 January 31 January 2011 2012 2011 (audited) £000 £000 £000AssetsNon-current assetsIntangible assets 8,129 10,730 11,348Property, plant and equipment 5,780 5,672 6,742Deferred tax asset 305 - 930 -------- -------- --------Total non-current assets 14,214 16,402 19,020 -------- -------- --------Current assetsInventories 37 58 43Trade and other receivables 713 674 795Cash and cash equivalents 293 1,751 1,876 -------- -------- --------Total current assets 1,043 2,483 2,714 -------- -------- --------Total assets 15,257 18,885 21,734 ======== ======== ======== LiabilitiesCurrent liabilitiesTrade and other payables (1,544) (2,011) (1,757)Derivative (64) (48) (56)Short-term borrowings (86) (114) (996) -------- -------- --------Total current liabilities (1,694) (2,173) (2,809) -------- -------- --------Non-current liabilitiesLong-term borrowings (219) (240) (230)Deferred tax liabilities (4,098) (3,917) (4,686)Long-term provisions (1,635) (1,441) (1,570) -------- -------- --------Total non-current liabilities (5,952) (5,598) (6,486) -------- -------- --------Total liabilities (7,646) (7,771) (9,295) -------- -------- --------Net assets 7,611 11,114 12,439 ======== ======== ========Capital and reserves attributable toequity holders of the parentShare capital 1,379 1,139 1,301Share premium 13,160 10,881 12,573Merger reserve 2,868 2,868 2,868Foreign exchange reserve 505 320 416Retained deficit (10,301) (4,094) (4,719) -------- -------- --------Total equity 7,611 11,114 12,439 ======== ======== ========
Unaudited consolidated statement of changes in equity
Foreign Share Share Merger exchange Retained Total capital premium reserve reserve deficit equity £000 £000 £000 £000 £000 £000UnauditedBalance at 1 August 2010 822 7,132 2,868 408 (3,752) 7,478Total comprehensiveincome / (loss) forthe period - - - (88) (373) (461)Share based payments - - - - 31 31Issue of share capital(net of issue costs) 317 3,749 - - - 4,066 -------- -------- -------- -------- -------- --------Balance at 31 January 2011 1,139 10,881 2,868 320 (4,094) 11,114 ======== ======== ======== ======== ======== ======== AuditedBalance at 1 August 2010 822 7,132 2,868 408 (3,752) 7,478Total comprehensiveincome / (loss) for the year - - - 8 (1,020) (1,012)Share based payments - - - - 53 53Issue of share capital(net of issue costs) 479 5,441 - - - 5,920 -------- -------- -------- -------- -------- --------Balance at 31 July 2011 1,301 12,573 2,868 416 (4,719) 12,439 ======== ======== ======== ======== ======== ======== UnauditedBalance at 1 1,301 12,573 2,868 416 (4,719) 12,439August 2011 Total comprehensiveincome / (loss) forthe period - - - 89 (5,610) (5,521)Share based payments - - - - 28 28Issue of share capital(net of issue costs) 78 587 - - - 665 -------- -------- -------- -------- --------
--------
Balance at 31 January 1,379 13,160 2,868 505 (10,301) 7,6112012 ======== ======== ======== ======== ======== ========
Unaudited consolidated statement of cash flows
Year to 6 months to 6 months to 31 July 31 January 31 January 2011 2012 2011 (audited) £000 £000 £000Cash flows from operating activitiesLoss after taxation (5,610) (373) (232)Adjustments for:Share based payments 28 31 53Depreciation 179 134 354Exploration write-off 5,335 - -Impairment of property, plantand equipment 785 - 425Finance income (69) (60) (1)Finance expense 393 83 189Taxation expense 35 681 523Increase in trade andother receivables (104) (150) (412)Decrease / (increase) in inventories 6 (20) (5)
Decrease in trade and other payables (187) (277) (239)
-------- -------- --------Cash generated fromcontinuing operations 791 49 655Loss after taxation fromdiscontinued operations - - (788)Adjustments for:Decrease in trade and other receivables - - 193Increase in trade and other payables - - 617Non cash increase inintangible assets - - (22) -------- -------- --------Cash used in discontinuedoperations - - - Income tax repayment received - 329 330 -------- -------- --------Net cash from operating activities 791 378 985 ======== ======== ========Cash flows used in investingactivitiesPurchase of property, plant &equipment (64) (333) (3,213)Purchase of intangible assets (1,899) (1,416) (1,809)Interest received - - 1 -------- -------- --------
Net cash used in investing activities (1,963) (1,749) (5,021)
======== ======== ========Cash flows from financing activitiesProceeds from issue of share capital(net of issue costs) 665 4,066 5,920(Decrease)/increase in payablesrelated to issue of share capital (115) - 115Proceeds from shareholder loan - 90 -Proceeds from short-term borrowings - - 1,065Repayment of borrowings (951) (512) (612)Finance costs (101) (33) (80) -------- -------- --------Net cash (used in) / from financingactivities (502) 3,611 6,408 ======== ======== ========Net (decrease)/increase in cashand cash equivalents (1,674) 2,240 2,372 Exchange gain / (loss) on cash andcash equivalents 91 (14) (21)Cash and cash equivalentsat beginning of period 1,876 (475) (475) -------- -------- --------Cash and cash equivalentsat end of period 293 1,751 1,876 ======== ======== ========
Notes to the consolidated interim statement
1 Nature of operations and general information
Europa Oil & Gas (Holdings) plc ("Europa Oil & Gas") and subsidiaries' ("the Group") principal activities consist of investment in oil and gas exploration, development and production.
Europa Oil & Gas is the Group's ultimate parent Company. It isincorporated and domiciled in England and Wales. The address of Europa Oil &Gas's registered office head office is 6 Porter Street, London W1U 6DD. EuropaOil & Gas's shares are listed on the London Stock Exchange AIM market.
The Group's consolidated interim financial information is presented in Pounds Sterling (£), which is also the functional currency of the parent Company.
The consolidated interim financial information has been approved for issue by the Board of Directors on 18 April 2012.
The consolidated interim financial information for the period 1August 2011 to 31 January 2012 is unaudited. In the opinion of the Directorsthe condensed interim financial information for the period presents fairly thefinancial position, and results from operations and cash flows for the periodin conformity with the generally accepted accounting principles consistentlyapplied. The condensed interim financial information incorporates unauditedcomparative figures for the interim period 1 August 2010 to 31 January 2011and the audited financial year to 31 July 2011.The financial information contained in this interim report does notconstitute statutory accounts as defined by section 435 of the Companies Act2006. The report should be read in conjunction with the consolidated financialstatements of the Group for the year ended 31 July 2011.The comparatives for the full year ended 31 July 2011 are not theCompany's full statutory accounts for that year. A copy of the statutoryaccounts for that year has been delivered to the Registrar of Companies. Theauditors' report on those accounts was unqualified and did not contain astatement under section 498 (2) - (3) of the Companies Act 2006 but didinclude an emphasis of matter which drew attention to the directors'disclosure concerning the Group's ability to fund its licence commitments,without qualifying their report. As noted in the full year accounts, thefunding of the 2012 work programme is expected to be met from additional fundraising which could include the issue of equity, bank funding or the tradingof assets. In the current period the Company issued equity to raise £665,000and renewed its RBS overdraft facility.
The information has been prepared on the going concern basis.
2 Summary of significant accounting policies
The condensed interim financial information has been prepared usingpolicies based on International Financial Reporting Standards (IFRS and IFRICinterpretations) issued by the International Accounting Standards Board("IASB") as adopted for use in the EU. The condensed interim financialinformation has been prepared using the accounting policies which will beapplied in the Group's statutory financial information for the year ended 31July 2011.
This results in the adoption of various standards and interpretations, none of which have had a material impact on the interim report or are expected to have a material impact on the financial statements for the full year.
3 Share capitalOn 31st October 2011, the Company issued 7,777,776 shares at 9praising £665,000 net of broker commission. There were no other shares issuedin the 6 months to 31st January 2012. The table below shows all shares issuedsince 31st July 2010. £000 Shares raised net of Total sharesDate issued Price commission in issue31 July 2010 82,206,58714 October 2010 13,360,810 11.5p 1,452,000 95,567,39724 December 18,339,333 15p 2,615,000 113,906,730201031 January 2011 113,906,730 28 June 2011 16,170,998 13p 1,853,000 130,077,72831 July 2011 130,077,728 31 October 2011 7,777,776 9p 665,000 137,855,50431 January 2012 137,855,504
All the authorised and allotted shares are of the same class and rank pari passu.
4 Loss per share (LPS)
Basic loss per share has been calculated on the loss after taxationdivided by the weighted average number of shares in issue during the period.Diluted loss per share uses an average number of shares adjusted to allow forthe issue of shares, on the assumed conversion of all in-the-money options andwarrants.
As the inclusion of the potential ordinary shares would result in a decrease in the loss per share in the current period they are considered not to be dilutive and, as such, the diluted loss per share calculation is the same as the basic loss per share in the period to 31 January 2012.
The calculation of the basic and diluted loss per share is based onthe following: Year to 31 6 months to 6 months to July 31 January 31 January 2011 2012 2011 (audited) £000 £000 £000LossesLoss after taxation from continuing (5,610) (373) (232)activitiesLoss from discontinued operations - -
(788)
-------- --------
--------
Loss from continuing and discontinued (5,610) (373) (1,020)operations ======== ======== ========Number of sharesWeighted average number of ordinaryshares for thepurposes of basic LPS 134,008,887 92,613,172
105,418,814
Weighted average number of ordinaryshares for thepurposes of diluted LPS 134,008,887 92,697,737 105,929,2475 Taxation
Consistent with the year end treatment, current and deferred tax assets and liabilities have been calculated at tax rates that are expected to apply to their respective period of realisation.
* * ENDS * *
For further information please visit www.europaoil.com or contact:
Hugh Mackay Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770Phil Greenhalgh Europa Oil & Gas (Holdings) plc +44 (0) 20 7224 3770Sarah Wharry finnCap Ltd +44 (0) 20 7600 1658Henrik Persson finnCap Ltd +44 (0) 20 7600 1658Frank Buhagiar St Brides Media and Finance Ltd +44 (0) 20 7236 1177Lottie Brocklehurst St Brides Media and Finance Ltd +44 (0) 20 7236 1177
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