The company posted revenue of £2.6 million, down from £3.2 million a year earlier
LONDON: Europa Oil & Gas (Holdings) plc, the AIM-listed oil and gas company focused on the UK, Ireland and West Africa, reported a narrowed pre-tax loss and operational advancements across its asset portfolio in its unaudited interim results for the eleven-month period ended June 30, 2025.
The company posted revenue of £2.6 million, down from £3.2 million a year earlier, while gross profit rose to £0.4 million from £0.2 million. Pre-tax losses narrowed significantly to £1.2 million from £6.6 million. Net cash used in operations fell to £0.1 million, and the cash balance stood at £0.9 million at period end.
CEO Will Holland said the period marked “steady progress and strategic positioning,” highlighting developments in Equatorial Guinea, Ireland and the UK.
In Equatorial Guinea, Europa advanced its EG-08 licence through its 42.9% stake in Antler Global, launching a farmout process and entering commercial talks with a major energy firm. The licence holds an estimated 2.2 trillion cubic feet (TCF) of mean prospective gas resources, with drilling of the Barracuda well expected following agreement finalization.
Offshore Ireland, Europa continued to seek a farm-in partner for its 100%-owned Inishkea West prospect, which holds an estimated 1.5 TCF of gas and boasts low carbon intensity and strong economics. The company said the asset could supply over two-thirds of Ireland’s gas demand by 2030.
In the UK, Europa submitted a planning application for appraisal drilling at the Cloughton gas field and launched a community engagement website. The Wressle field averaged 311 barrels of oil per day (bopd) in gross production, with Europa’s net share at 93 bopd. A development well targeting the Penistone Flags reservoir is planned for 2026, alongside a gas monetization solution.
Europa also entered a Revenue Swap Agreement with a Canadian investor, securing $500,000 in exchange for 4.5% of future Wressle revenues. The company terminated its Whisby 4 royalty agreement, resulting in a £170,000 gain, and maintained administrative expenses at £1.3 million—among the lowest in its peer group.
“We remain well-positioned to deliver on our strategic objectives in the year ahead,” Holland said.