Industry

Revenue quadruples at Europa Oil & Gas

The Wressle production site in Lincolnshire has helped Europa Oil & Gas quadruple its annual revenues.

Wressle site in 2021. Photo: Union Jack

In accounts for the year to July 2022, the company reported revenue rose to £6.58m, up from £1.37m in 2021.

Almost three-quarters of the revenue was from oil production at Wressle, near Scunthorpe.

The site, where Europa holds a 30% stake, contributed £4.88m in 2022, compared with £0.174m in 2021. Europa’s share of total Wressle production was 179 barrels of oil per day (bopd).

According to the accounts, revenue from the company’s other onshore interests were:

  • West Firsby: £0.353m (2021: £0.321m)
  • Crosby Warren: £0.651m (2021: £0.390m)
  • Whisby: £0.696m (2021: £0.487m)

Total onshore production for the company reached 245 bopd.

Europa’s chairman, Brian O’Cathain, said Wressle production was “having a materially positive impact on our balance sheet”.

The company said oil production was currently constrained by limit on gas incineration.

But it said the partners planned to generate electricity from the gas or build a pipeline to connect to the local gas network.

Then the well would be able to produce at unrestricted rates, the company said. This would “materially impact the cash flows associated with the field”.

Europa also has interests in the North Sea (Serenity field), offshore Morocco and offshore Ireland.

Key figures

Revenue from operating activities: £6.58m (2021: £1.372m)

Pre-tax profit: £1.388m (2021: pre-tax loss £0.845m

Profit for the year: £1.356m (2021: loss of £0.718)

Total assets: £17.010m (2021: £8.265m)

Total liabilities: £5.781m (2021: £5.016m)

Net cash generated from operations: £2.5m (2021: £0.5m)

Cash balance: £8.3m (2021: £0.9m)

Total net onshore production: 245 bopd

Total payments to directors: £0.455m (2021: £0.304m)

Average number of employees, including directors: 10 (2021: 11)

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