Europa Oil&Gas on track for full-year production target

10th Feb 2014 12:05

Exploration outfit Europa Oil&Gas delivered interim revenues in line with management´s expectations and was on track to hit its full-year production target of 165 barrels of oil equivalent per day. During the first half of its 2014 fiscal year the company´s revenues dipped slightly, to £2.1m versus last year´s figure of £2.2m, with foreign exchange movements having subtracted 1% from its sales. The company achieved a production volume of 170 barrels of oil equivalent per day and said it was on track to hit its full-year 2015 target of 165 barrels per day. The company received an average oil price of $108.2 per barrel compared with $110.1 in 2013.As an aside, the company on Monday announced the appointment Colin Bousfield to the board as a non-executive director. Bousfield brought over 30 years' experience in energy finance to the AIM-listed company, having worked for leading financial institutions, including Barclays and RBS, and also oil and gas operating and services companies.The company intended to grant Mr. Bousfield options over 500,000 ordinary shares of 1p in the Company following his appointment.At year end the firm´s cash balance stood at £4.8m, well above the £0.8m seen at the end of the comparable period of a year ago. Following the update analysts at Northland Capital inidcated that the revenue run rate looked slightly ahead of forecasts, "leaving scope for a small upgrade in the second half depending on continued strong oil pricing".As of 12:02 shares of Europa Oil&Gas were trading flat at 9p. AB