Europa Raises Funds Ahead of UK, Irish License Awards

UK junior Europa Oil & Gas confirmed Thursday that it has raised GBP 1.04 million ($1.62 million) in recent share placings and that it will raise a further GBP 2 million ($3.12 million) in an open offer of shares.

Europa CEO Hugh Mackay commented in a company statement:

"I am delighted by the support shown by our existing shareholders via the Open Offer. We view this as a vote of confidence in the potential of our existing portfolio of projects and also the progress we have made to date in realising their inherent value.

This includes the Wressle discovery in East Lincolnshire which has the potential to significantly increase our existing production and revenue profile, and also our licences offshore Ireland. Here an independent [competent person's report] recently estimated gross mean un-risked prospective resources of 1.49 billion barrels of oil equivalent [boe] across three prospects in Frontier Exploration Licence 3/13, equating to approximately 224 million boe net to Europa, which have been assigned a potential net mean un-risked NPV10 of $1.6 billion.

"We are actively looking to apply our expertise to new licences through our participation in the latest UK onshore licensing round, the results of which are expected in the near term, and the on-going Irish licensing round which is due to close in September 2015. With the majority of our corporate overheads covered by our existing production, the funds raised both via the open offer and from institutions in the recent placing will be invested in exploration activity to further unlock the value of our assets.

"With key events coming up, including the 14th UK onshore licensing round awards, Holmwood Planning Inquiry decision, further Wressle testing, and drill decisions on our existing Irish acreage, I look forward to providing further updates to shareholders on our progress in due course."

Tuesday this week saw Europa announce that an ongoing extended well test on the onshore Wressle-1 well in east Lincolnshire, England, had produced more than 180 barrels of oil equivalent per day.

 



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