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12 Apr 2019 | 07:46

Europa Oil & Gas posts narrower losses as higher oil prices boost revenues

Europa Oil & Gas reported slightly narrower losses in the first half as higher oil prices boosted revenues. For the half, pre-tax losses narrowed to £0.4m from £0.5m a year earlier and revenue increased to £0.9m from £0.8m a year earlier. First half production onshore UK averaged 90 boepd as the company undertook initiatives to manage the decline in output at its West Firsby oil field. 'The last six months have been a highly active period for Europa, not just in terms of the progress we are making to advance our industry-leading licence position offshore Ireland, which to date has estimated gross prospective resources of 6.4 billion barrels of oil and 1.5 tcf of gas and where negotiations are ongoing for a farm-in for three licences with a major international oil and gas company,' said Europa's CEO, Hugh Mackay. 'In addition, we completed a £4.3 million fund raising, which increased the institutional representation on our shareholder register to over one third. We also restored production at the WF6 well at West Firsby and moved closer towards landing a high impact new venture in Morocco.' 'The momentum behind the Company has continued post period end with the completion of a major piece of exploration work at our flagship Inishkea gas project. 'I look forward to providing further updates on our progress during the second half, a period which will see the resumption of drilling activity in the South Porcupine Basin at CNOOC International’s Iolar prospect.Success here would be a value trigger event for Europa, as it would significantly de-risk our drill-ready prospects in the basin, specifically, the 280mmboe Kiely East and 225mmboe Edgeworth targets.'

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