Record Year for Europa Oil & Gas
From: Rigzone Staff / Monday, October 30, 2017
2016/17 was a record year for Europa Oil & Gas (Holdings) plc in terms of corporate activity, according to the company’s CEO Hugh Mackay.
During this time, Europa achieved a successful farm-out to Cairn of a 70 percent interest in one of the company’s South Porcupine licenses, two separate sales of Europa’s interest in the Wressle oil field in the East Midlands, the acquisition of Shale Petroleum, and the farm-out of a 12.5 percent stake in the upcoming Holmwood well in the Weald basin.
“In our view, this activity is testament to the quality of the technical work we have carried out on our licenses, the excellent location of our assets both offshore Ireland and onshore UK, and the major uptick in industry interest and activity in new plays across our areas of focus,” Mackay said in a company statement.
“The year ahead should see more of the same. We remain focused on securing farm-outs for the remainder of our Irish licenses with partners with whom we can advance our assets towards drilling. At the same time, we are looking forward to commencing drilling activity at the conventional Holmwood prospect in the Weald, an area that is generating considerable excitement following the opening up of the Kimmeridge limestone play,” he added.
Europa registered revenues of $2.1 million (GBP 1.6 million) for the 12 month period ended July 31, 2017. This marked a slight increase over last year’s figure of $1.7 million (GBP 1.3 million). Net cash balance as at July 31, 2017 stood at $4.7 million (GBP 3.6 million), compared to $2.2 million (GBP 1.7 million) last year.
