Europa Oil & Gas Revenue Hit by Wressle Shutdown

Europa Oil & Gas (Holdings) plc, a UK-, Ireland-, and West Africa-focused oil and gas exploration, development, and production company, reported a slip in revenue for the six months ending January 31.

The company posted a revenue of $1.7 million, versus $4.6 million posted for the corresponding period a year ago.

In its latest report, Europa said its average daily production for the period was 116 barrels of oil equivalent per day (boepd). This was less than half of the 268 boepd averaged in the first half of 2023. Europa puts the decrease down to the three-month shutdown at Wressle to install a jet pump for artificial lift.

Going forward, Europa expects the Wressle oilfield maintenance will ultimately improve production rates and cash flow from the field.

Additionally, Europa said there was an eight percent decrease in average realized oil price to $81 per barrel.

However, CEO Will Holland highlighted, “It has been an exciting first half to the financial year with Europa entering into a ground-breaking deal in Equatorial Guinea in West Africa. The acquisition of a 42.9 percent stake in Antler gives the company material exposure to highly prospective exploration acreage in a genuinely exciting geography”.

“I have always believed that Europa could extend its vast knowledge base into new territories and am very hopeful for the future that our new license provides”, Holland added.

“We continue to progress our activities offshore West Ireland and I am very pleased that the Irish Government granted us an extension to license FEL 4/19 containing the 1.5 trillion cubic feet Inishkea West gas prospect, located only 18 km (11.2 miles) from existing infrastructure and the European gas network. I remain very optimistic about our chances of farming this out to a credible industry partner who can then carry us through the exploration phase of the license”, said Holland.

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