Europa Oil & Fuel (Holdings) plc, a UK-, Eire-, and West Africa-focused oil and fuel exploration, improvement, and manufacturing firm, reported a slip in income for the six months ending January 31.
The corporate posted a income of $1.7 million, versus $4.6 million posted for the corresponding interval a 12 months in the past.
In its newest report, Europa mentioned its common day by day manufacturing for the interval was 116 barrels of oil equal per day (boepd). This was lower than half of the 268 boepd averaged within the first half of 2023. Europa places the lower all the way down to the three-month shutdown at Wressle to put in a jet pump for synthetic carry.
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Going ahead, Europa expects the Wressle oilfield upkeep will finally enhance manufacturing charges and money circulation from the sphere.
Moreover, Europa mentioned there was an eight p.c lower in common realized oil value to $81 per barrel.
Nevertheless, CEO Will Holland highlighted, “It has been an thrilling first half to the monetary 12 months with Europa getting into right into a ground-breaking deal in Equatorial Guinea in West Africa. The acquisition of a 42.9 p.c stake in Antler provides the corporate materials publicity to extremely potential exploration acreage in a genuinely thrilling geography”.
“I’ve at all times believed that Europa may lengthen its huge data base into new territories and am very looking forward to the longer term that our new license offers”, Holland added.
“We proceed to progress our actions offshore West Eire and I’m very happy that the Irish Authorities granted us an extension to license FEL 4/19 containing the 1.5 trillion cubic ft Inishkea West fuel prospect, positioned solely 18 km (11.2 miles) from current infrastructure and the European fuel community. I stay very optimistic about our probabilities of farming this out to a reputable trade associate who can then carry us by the exploration section of the license”, mentioned Holland.
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