Europa Oil & Gas (LSE:EOG) reported interim revenue of £1.5 million, broadly unchanged from the comparable period, alongside an increase in gross profit and a narrower pre-tax loss.
The company’s cash position increased to £2.8 million following a £4.1 million equity raise. Europa said the proceeds will be used to fund drilling at the Barracuda prospect and provide additional working capital.
Administrative expenses increased from the prior-period level as the company resumed previously deferred activities and expanded its business development work.
Barracuda Well Expected in First Half of 2027
In Equatorial Guinea, Europa continued to progress a farm-out arrangement under which partner Fuhai is expected to fund most of the cost of an exploration well at the Barracuda prospect.
The company said the timing of the well has moved to the first half of 2027 as final regulatory approval remains outstanding.
Europa has exposure to the Equatorial Guinea acreage through its interest in Antler Global.
Inishkea West and Cloughton Licences Extended
Elsewhere in the portfolio, Europa secured licence extensions covering the Inishkea West prospect offshore Ireland and the Cloughton gas discovery in the UK.
The company continued to market both projects to prospective farm-in partners.
Europa also carried out development and optimisation work across its Wressle, West Firsby and Crosby Warren assets. UK onshore production volumes declined during the period, while the company received higher oil prices.
Europa Oil & Gas is an AIM-quoted exploration, development and production company with oil and gas interests in the UK, Ireland and West Africa. Its portfolio includes Inishkea West in Ireland, Equatorial Guinea acreage through Antler Global and UK onshore assets including Wressle and Crosby Warren.
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