Europa Raises Funds for Crosby Warren Purchase
Europa Oil & Gas announced that 457,666 new ordinary shares were issued and allotted Wednesday in exchange for net proceeds of £95,000 from a share finance facility with the Headstart Group. The proceeds will go toward the purchase of the Crosby Warren Oilfield, located in the East Midlands Oil & Gas Province.
Following the allotment the total number of shares in issue will be 61,522,666 ordinary shares. Application will be made for the new shares to be admitted to AIM. It is expected that dealings in the new shares will commence on 14th November 2006.
Ewen Ainsworh, Finance Director, said "This is a prime example of why we have the share finance facility in place; to enable Europa to take advantage of unexpected opportunities. In this case, we are purchasing a producing oilfield which will have immediate cash flow."
Europa Oil & Gas (Holdings) plc focuses on the production and exploration of
hydrocarbons in Europe and North Africa. Europa currently produces over 500
barrels of oil equivalent per day from its operations in the UK, Romania and
the Ukraine. Operating a balanced portfolio, Europa also has field appraisal
and exploration activity on a number of projects in the UK and Romania and a
strong new ventures program across Europe and the North African region.
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