In its final results statement, for the year ended July 31, 2020, Europa noted that UK onshore production is due to double and it has refocused its Irish offshore exploration portfolio on lower risk gas targets.
Meanwhile, the company also entered Morocco during the year with the receipt of an 11,228 square kilometre licence.
“The award of the Inezgane permit offshore Morocco, the granting of planning consent for the Wressle Oil Field, the refocus of the Offshore Ireland portfolio onto the proven gas play of the Slyne Basin following the acquisition of FEL3/19 and the 1.2 tcf Edge prospect – much progress has been made during the year under review,” Oddie said in the results statement.
“While the ongoing pandemic and volatility in oil and gas prices may impact exact timings of planned activity, we are confident that the momentum behind our various projects will continue to build in the year ahead.”
Europa generated GBP1.2mln of revenue in the full-year period, compared to GBP1.7mln in 2019, and, reported a GBP1.2mln of pre-tax loss before exploration write-offs up from GBP900,000 in the year before. It ended July with GBP800,000 which the company said will be sufficient to fund the company’s share of the Wressle development.
Oddie added: “Our objective is to expose our shareholders to significant value-creating opportunities while minimising risk. Our UK production, which is set to dramatically increase once Wressle comes online, provides us with a low-risk cash flow generative platform.
“Our offshore Ireland and offshore Morocco assets, which hold company-making volumetrics, provide us with multiple opportunities to generate significant value. We also intend to resume our efforts to add a third leg to our business by securing a late-stage appraisal project, once market conditions improve.
“Our confidence in Europa’s assets and team remains as high as ever and with this in mind, I look forward to providing further updates on our progress in the year ahead.”