UK junior Europa Oil & Gas reported Monday that production from its UK assets during the six-month period to January 31 were in line with expectations.
Average first-half production volume achieved by the company was 170 barrels of oil equivalent per day (boepd), compared with 177 boepd achieved during 1H 2013. The firm said it was on course to achieve its full-year 2014 production target of 165 boepd.
Europa CEO Hugh Mackay commented in a company statement:
"It is encouraging to report that we remain on course to hit our full year production target of 165 boepd, for what would be a third consecutive year. Revenue from our UK production covers all corporate overheads and helps fund exploration activity, specifically our share of drilling the Wressle prospect onshore UK in 1H 2014.
"As a result, the vast majority of the funds raised via the recent placing and open offer will be used to advance Europa’s existing portfolio of high impact projects onshore UK, offshore Ireland and onshore France, and also to pursue new ventures that match our investment criteria."
Europa also announced Monday that it has appointed Colin Bousfield to its board as a non-executive director. Bousfield has more than 30 years' experience in energy finance, most recently serving as CFO at Composite Energy, Geometric Drilling Limited and Hutton Energy.
Europa Chairman Bill Adamson commented:
"I am delighted to welcome Colin to the board. His extensive track record in securing debt and equity finance for oil and gas operating companies of all sizes, as well as his successful tenure as CFO for Composite Energy, makes Colin a valuable addition to our team during what is shaping up to be an exciting period for Europa."
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