Europa plummets after delays

30th Mar 2011 15:23

Europa Oil and Gas shares dropped by a quarter after it warned that revenues and profits for the year ending 31 July will be below market expectations after a series of drilling delays.The group revealed that achieving optimum rates on the new West Firsby well in Lincolnshire will take some weeks due to a "workover" of the WF-7 well. Once the WF-7 well is back onstream, group production is expected to be around 300 barrels of oil per day.Europa is said to be engaged in new venture activity, including current and near-term licensing rounds in its core area of North-West and Continental Europe. "The aim is to add significant high impact exploration acreage into the asset portfolio for drilling in 2012 onwards," said managing director Paul Barrett.BC