Europa Oil & Gas has claimed its strongest interim financial performance for seven years, driven by oil production from the Wressle site in North Lincolnshire.
The company, which has a 30% stake in Wressle, said:
“The asset has delivered beyond our expectations with still further upside potential ahead”.
Europa said Wressle had exceeded initial projections of 500 barrels of oil per day (bopd) and achieved flow rates of more than 884 bopd in September 2021 following the earlier proppant squeeze operation.
In interim accounts, Europa said its revenue had quadrupled to £2.2m in the six months to the end of January 2022, compared with the first half of 2021.
Average daily production had doubled and oil prices had increased by 75%, the company said. Pre-tax profits were up to £0.7m, compared with a loss of the same amount in the first half of the year.
Revenue: £2.2m (H1 2021 £0.5m)
Net cash received from operating activities: £0.9m (H1 2021 £0.6m)
Pre-tax profit: £0.7m (H1 2021 loss of £0.7m)
Unrestricted cash balance at 31 January 2021: £0.6m (31 July 2021 £0.6m)