Europa Oil Reports Increased Production

PUBLISHED: Feb 08 2012 @ 10:13 | Comments (0) | More info about Lou Gutheil

Europa Oil & Gas (LSE:EOG) announced today that it has had a “significant increase” in first half production and revenues compare to the same period last year. Results are for the period ending December 31, 2012.

The Report

First half revenues increased 61% to £2.4 million on the combination of increased output and the rise in oil prices. Combined volume from its 3 exploration sites increased 23% to 187 barrels per day from 157 barrels per day in the previous year.

At least in part, other contributing factors for the increased production and revenues were due to bringing its West Firsby WF-9 well on-line. Other causal conditions included reduced downtime caused by breakdowns, consistent drilling activities and favourable weather conditions.

Shares rose nearly 12% today on a volume of 3.8 million shares.

CEO Comments

Hugh Mckay painted a positive picture when he stated that:

“I am highly encouraged by the performance of our producing UK assets during the first half of the year. Daily production has been consistently higher than that of the previous year despite the recent workover programme for West Firsby 7 . . . Our UK production continues to generate more than enough cashflow to cover our operating costs and provides a solid foundation from which we can develop our other highly exciting assets.”

Company Spotlight

Incorporated in 2004, Europa specialises in the exploration for and production of gas and oil in Europe. The Company owns interests in 13 projects within the UK, Romania and France. Three of the projects are currently active.

References
↑ Europa Website
↑ Proactive Investor
↑ Small Cap News
↑ Business Excellence

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