TIDMEOG
RNS Number : 7385P
Europa Oil & Gas (Holdings) PLC
21 October 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
21 October 2021
Europa Oil & Gas (Holdings) plc ('Europa' or 'the
Company')
Final Results for the year to 31 July 2021
Europa Oil & Gas (Holdings) plc, the AIM traded Ireland,
Morocco and UK focused oil and gas exploration, development and
production company, announces its final results for the 12 month
period ended 31 July 2021.
The full Annual Report and Accounts will be available shortly on
the Company's website at www.europaoil.com and will be mailed in
November 2021 to those shareholders who have requested a paper
copy.
Operational highlights - Building a balanced portfolio of
exploration and production assets
Onshore UK - Wressle more than doubles net production to over
200bopd
-- First oil at Wressle achieved
o Production established in excess of target gross rate of
500bopd post period end
o Europa's net share of Wressle production equates to over
150bopd
o With an estimated break-even oil price (excluding Europa's
corporate overheads) of US$17.6 per barrel, Wressle production is
highly profitable at current oil prices
o Well flow is continuing to clean-up and has not yet reached
its full potential
-- 93boepd was produced from Europa's UK onshore fields during
the year with early Wressle test production covering the decline of
three older fields and comparing favourably to 92boepd FY20
-- Geothermal energy
o MOU signed with Causeway Geothermal (NI) Ltd to carry out
studies to assess the potential of Europa's West Firsby field as a
test site for sustainable, clean geothermal energy systems
o West Firsby regarded as an ideal geothermal energy test site
due to comprehensive dataset, existing well bores and geothermal
gradient
o Potential to convert onshore legacy oilfields into sources of
clean and reliable energy forms part of Europa's ESG strategy
Offshore Morocco - Farmout Launch of Inezgane Licence in the
Agadir Basin, Morocco
-- Follows completion of technical work which identified a
significant volume of unrisked resource - in excess of 2 billion
barrels (oil equivalent) in the top five ranked prospects alone
-- Inezgane lies on the same geological trend which has led to
major oil and gas discoveries along the west coast of Africa with
reservoirs and source rocks in common with the prolific West
African play
-- Ongoing discussions with a number of potential co-venturers looking to farm-in
-- One year extension to initial phase of the licence to
November 2022 granted to allow for time lost as a result of
COVID-19
Offshore Ireland - Lower risk / very high reward
infrastructure-led exploration in proven gas play in the Slyne
Basin
-- Awaiting regulatory approval of acquisition of 100% interest
in Frontier Exploration Licence ('FEL') 3/19, which includes the
1.2 tcf Edge prospect and lies close to the 1tcf producing Corrib
gas field
-- FEL 3/19 lies close to Europa's FEL 4/19 which holds the 1.5 tcf Inishkea prospect
-- Farmout of FELs 3/19 and 4/19 commenced conditional on
regulatory approval of the acquisition of FEL 3/19
COVID-19
-- Operational activity has continued at the four production sites
-- London office has been exited generating cost saving
-- All salaries and fees have been re-instated to levels pre Covid-19
-- The Group has not taken any further Covid-19 government
assistance since the GBP50k Bounce back loan in the prior year.
Financial performance
-- Revenue GBP1.4 million (2020: GBP1.2 million)
-- Pre-tax loss of GBP0.85 million (2020: pre-tax loss GBP5.4
million including write-offs taken following relinquishment of
Irish licences)
-- Net cash used in operating activities GBP0.5 million (2020: GBP0.8 million)
-- Cash balance: at year end GBP0.6 million (31 July 2020: GBP0.8 million)
Board
-- Appointment of Simon Oddie as CEO on a permanent basis in August 2020
-- Appointment of Senior Independent non-executive Director Mr
Brian O'Cathain as non-executive Chairman
Post reporting period events
-- Inezgane licence farmout officially announced on 3(rd) August 2021
-- Wressle achieved over 500 bopd after successful proppant
squeeze operations in late August 2021 and this increased to 950
boepd in September which was over previous expectations
-- Following the achievement of 500bopd oil flow rate as
announced in August 2021, the Directors consider that Wressle has
met the requirements under IFRS6 for transfer to producing assets
as of that date
Simon Oddie, CEO of Europa, said:
"The milestones we achieved across our multistage portfolio of
licences during the year under review have laid the foundations for
an exciting new phase in our growth trajectory. Notably, with the
Wressle Oil Field in North Lincolnshire delivering first oil and
achieving its target of 500 barrels per day, Europa's UK onshore
net production has doubled to over 200 bopd post period end.
Wressle is showing capacity to produce at significantly higher
rates than the previous target and further major development
potential exists in other reservoirs. With oil prices above
US$80/barrel, this achievement provides a massive boost to the
Company's financial profile and in turn will give us a platform
with which to pursue our strategy of developing significant value
accretive opportunities while minimising risk.
"Elsewhere, we are also pleased with the response to the farmout
launch for our highly prospective Inezgane Licence in Agadir Basin,
Morocco and the strong interest, to date, from potential operators.
I am excited about the future possibilities at Inezgane, which has
the potential to hold over two billion barrels of unrisked
prospective resources and complements the Company's goal to have a
balanced portfolio of energy assets. The technical work completed
in the last 12 months has focused on the top five ranked prospects
- each of which have mean resources in excess of 200 mmboe at the
Albian level.
"In Ireland, we are still awaiting regulatory approval for our
acquisition of a 100% interest in Frontier Exploration Licence
('FEL') 3/19 located close to Corrib - Ireland's biggest producing
gas field. Subject to approvals, we will be progressing the farmout
of both the newly acquired FEL 3/9 and our existing 100%-owned FEL
4/19 - our two strategic offshore gas assets in the Slyne
Basin.
"Europa is also advancing its ESG ambitions during the past year
signing a MOU with Causeway Geothermal (NI) Ltd.in late June to
investigate the potential of our mature oilfield at West Firsby in
the East Midlands, as a test site for the production of geothermal
energy. This firmly aligns with our stated objective of playing a
key role in the UK's transition to green energy. With much activity
expected across our existing portfolio as well as our continued
evaluation of a number of potential late-stage
appraisal/development ventures, I look forward to updating the
market on developments in the months ahead."
Chairman's Statement
Despite the ongoing Covid-19 situation and economic volatility,
the financial year 2020/21 marked a transformational period in
Europa's history. Oil prices have rebounded and major milestones
achieved in the year to 31 July 2021 include the Wressle Oil Field
coming into production in early 2021, which has more than doubled
the Company's net production to over 200bopd, and positive results
from our technical work programme on the Inezgane Licence in
offshore Morocco - identifying a significant volume of potential
resource - in excess of 2 billion barrels.
.
In the period ahead, we look forward to well flow at Wressle
achieving its full potential once the clean-up process has been
completed, at which point attention can be turned towards the
additional development opportunities on the licence. In the
meantime, Wressle continues to produce at above 500bopd (over
150bopd net to the company), generating significant cash flow for
the Company. In Morocco, we continue to showcase the excellent
results of our technical work programme to prospective partners and
we look forward to updating the market on developments of the farm
out of Inezgane. We continue to evaluate potential additional
assets to improve the balance of our portfolio.
Elsewhere, the signing of an agreement with Causeway Geothermal
(NI) Ltd in June to investigate West Firsby's potential as a
geothermal production site in the UK was also another major
milestone for the Company as it looks to play a role in a clean
energy future. Geothermal energy may provide a future role for our
mature oilfields. The news of the agreement with Causeway
Geothermal inspired excitement among shareholders and the wider
investment community and we look forward to updating the market as
work progresses.
Onshore UK
The headline story of the past 12 months across Europa's
portfolio has undoubtedly been the successful commencement of test
production at Wressle in early 2021 - which as a result has become
the Company's fourth producing onshore oil field in the West
Midlands. By adding 150bopd in late August 2021 Wressle had more
than doubled the Company's net oil production to over 200 bopd from
92bopd in 19/20 financial year. This excellent outcome followed the
successful execution of the field development plan which included
the successful and safe completion of operations to recomplete the
Wressle-1 well, followed by the reperforation of the Ashover Grit
reservoir interval and the proppant squeeze, which saw Wressle hit
an initial gross production rate of over 500bopd exceeding the
pre-operations target.
Bringing Wressle-1 on stream is only just the beginning of the
growth story at Wressle, with considerable upside existing across
other formations that were encountered by Wressle-1, such as the
Penistone Flags, all of which represent low cost/low risk follow-up
opportunities. Wressle therefore provides a strong platform for
future growth. For now, with a break-even oil price of just
US$17.6, and with oil prices currently above US$80/ barrel, Wressle
is set to be a huge driver of profitability and cash flow for the
Company. This is in line with our corporate goal of building a cash
generative oil and gas company, one which provides shareholders
with exposure to multiple value creating opportunities, while
minimising capital risk.
Other onshore UK opportunities are in line with our shift to
contributing to the clean energy transition with the signing of an
MOU with Causeway Geothermal to investigate the potential of our
West Firsby field as a geothermal production site in the UK. The
asset is regarded as an ideal geothermal energy test site due to a
comprehensive dataset, existing well bores and favourable
geothermal gradient. The move highlights Europa's commitment to
developing clean energy solutions and meeting our previously
outlined ESG ambitions.
Offshore Morocco
In Morocco, we have made huge strides at our Inezgane licence in
the Agadir Basin, which we acquired in 2019. During the period
under review, the Company completed technical work at the licence,
which generated an unrisked resource volume in excess of 2 billion
barrels (oil equivalent) in the top five ranked prospects alone:
Alpha, Charlie, Falcon, Turtle and Sandpiper. This excellent result
allowed the Company to launch its farm out of this high-impact
exploration opportunity in August 2021. Interest received to date
from potential partners has been very encouraging. Located on the
same geological trend as major oil and gas discoveries along the
west coast of Africa, the farm out presents a substantial
opportunity for potential partners and is in line with Europa's
strategy of seeking to expose shareholders to impactful activity
while minimising risk. Prominent energy players already operating
in the area include ENI and Hunt.
Offshore Ireland
Offshore Ireland, the Company's focus remains on its gas
interests in the Irish Sea located in close proximity to the
already producing Corrib gas field.
We are still awaiting approval from the Irish regulators for our
acquisition of a 100% interest in Frontier Exploration Licence
('FEL') 3/19 - building on our existing flagship project 1.5 tcf
Inishkea gas prospect - Frontier Exploration Licence ('FEL') 4/19 -
located in the Slyne Basin.
Subject to regulatory sign-off, we plan to farm out our newly
enlarged strategic position in the Slyne Basin, which as per our
Moroccan strategy, represents a massive opportunity for the
Company, given the licences' strategic location beside the Corrib
gas field, which although Ireland's largest producing gas field, is
in decline. Given the proximity to existing infrastructure and
location in a proven play, we regard our exploration licences in
the Slyne Basin as low development cost, low risk and, with 2.7tcf
of potential gas resources in play, high reward. As 100% owners of
the two largest prospects located close to the producing Corrib gas
field and existing processing facilities, Europa's strategic
position in what is a key transition fuel is unparalleled in the
Irish market.
Domestic gas plays a crucial role in Ireland's overall energy
mix. With no new domestic sources of supply on the horizon, a pinch
point is fast approaching - the energy regulator, the Commission
for Regulation of Utilities and grid operator EirGrid, has warned
there is a real danger of electricity blackouts in the future.
Together with the forthcoming closure of power stations in Ireland
and growing demand for energy from an increasing number of
power-hungry data centres, domestic gas production can offer a
solution to Ireland's energy needs during the energy transition.
With gas playing a vital role in the country's future energy mix
following the government's decision to phase out oil exploration in
2019, Europa's assets have the potential therefore to play a vital
part in supplying Ireland's future energy needs.
Board Changes
This past year has also seen major changes at senior management
and board level with the appointment of interim CEO and
non-executive Chairman Simon Oddie as our permanent chief executive
in August. In turn, I took on Simon's previous role as
non-executive Chairman having formerly held the role of senior
non-executive director. Simon was appointed interim CEO and
non-executive Chairman in November 2019 following the departure of
Hugh Mackay. In October, the Company's long-serving Finance
Director, Mr Phil Greenhalgh, retired after over twelve years of
service to the Company as Finance Director and Company Secretary. I
would like to thank Phil for his years of excellent service, and
his contribution to the success of the Company, on behalf of the
board of directors and the shareholders.
Conclusion and Outlook
The Company is firmly on its way to achieving its previously
stated goal of generating material production-based revenues and
also creating significant value-creating opportunities. Thanks to
resilient oil prices over the past year, which are currently above
US$80/barrel, our investment in Wressle has paid off as a fully
operational and cash generative asset which has served to more than
double Europa's oil production and provide a major boost to the
Company's profitability. This in turn will allow us to explore new
opportunities both in the oil and gas space but also across the
wider energy sphere. Our aim remains to engage in potentially high
reward activity without putting the Company's balance sheet at
risk
Looking ahead after a transformational 12 months, our focus is
now on advancing our strategy of growing our existing portfolio
both organically and via acquisitions which may add to our existing
assets to create a balanced portfolio.
As previously stated, we are looking to add a third leg to the
business which may include late stage appraisal and development
ventures. To this end, we are currently evaluating a number of
potential opportunities and I look forward to updating the market
on developments.
Finally, on behalf of the board, I would like to thank the
management, employees and consultants for their hard work on behalf
of our shareholders and stakeholders during the past year who
worked tirelessly despite the ongoing COVID-19 restrictions. The
fact that the Company achieved so much in the past year despite the
pandemic is a testament to the team's dedication and focus.
Mr Brian O'Cathain (non-executive chairman)
Operational Review
UK Production - East Midlands
Europa produces oil from four UK oilfields Wressle, West Firsby,
Crosby Warren; and Whisby-4. Commencement of oil flow at Wressle
was achieved in Q1 2021. In line with the field development plan,
the field achieved the pre-operations gross production target of
500bopd post period end in August 2021. Europa holds a 30% working
interest in licences PEDL180 and 182 which hold Wressle and
Broughton, alongside Egdon Resources (operator, 30%), and Union
Jack Oil (40%) and as a result, Europa's net production currently
stands at over 200bopd - which marks a doubling of output versus a
year ago. As Wressle achieved targeted gross production of 500bopd
post period end, during the financial year to 31 July 2021, an
average of 93 boepd net to Europa was recovered from its oil
fields.
Wressle is now the Company's single biggest producing oil field.
Our other three fields are in decline, however, investigations into
ways to improve recovery rates at a number of wells on the fields
are underway - including potential workovers at the West Firsby
field.
UK Development - Wressle Oil Field
We have continued to actively progress our efforts at our UK
onshore acreage with the focus on establishing the free flow of oil
at Wressle on our PEDL 180 and 182 licences in North Lincolnshire.
We hold a 30% working interest in the licences, alongside Egdon
Resources UK Limited (30% and the operator) and Union Jack Oil
(40%). Wressle was discovered in 2014 by the Wressle-1 conventional
exploration well which intersected three productive reservoir
horizons.
Earlier this year, we were advised by the operator that the
proppant squeeze operation on the Ashover Grit reservoir interval
in the Wressle-1 well had been completed safely and successfully.
This involved the injection of a total of 146 cubic metres of
gelled fluid and 17.3 tonnes of ceramic proppant into the Ashover
Grit formation in line with the authorised programme.
Following the proppant squeeze, we announced that Wressle - 1
was producing at above the targeted initial gross rate of 500bopd.
At this rate, Europa's 30% interest in the field translates into
150bopd net to the Company, which, when combined with the 80 bopd
produced by our three existing fields in the East Midlands,
increases overall production to over 200 bopd. This together with
oil prices trading at over US$80 per barrel, means that Wressle has
resulted in a sustainable step-up in the Company's net production
and revenues.
The commencement of oil flow at Wressle does not represent the
sum of development ambitions for our existing onshore UK portfolio.
Scope remains to increase production across our fields,
specifically by improving recovery rates and targeting proven
intervals. We intend to further evaluate the potential to undertake
workovers on wells at the West Firsby field. Any development
activity undertaken is likely to be relatively low cost and low
risk.
The same can be said for future development work at Wressle
where a number of follow-up opportunities have already been
identified on PEDLs 180 and 182. In September 2016, a Competent
Person's Report ('CPR') provided independent estimates of reserves
and contingent and prospective oil and gas resources for Wressle of
2.15 million stock tank barrels classified as discovered (2P+2C).
Further development of Wressle including producing additional
reserves existing in the Penistone Flags formation is expected in
the future. Our existing onshore UK assets therefore offer
considerable run room to build on our success at Wressle and grow
production and revenues further.
Exploration: Offshore Morocco
The Inezgane licence in Morocco remains a hugely valuable asset
for the Company and we were delighted to have recently launched the
official farmout of this licence - a move which we believe will be
a significant event for our shareholders. We were awarded a 75%
interest in the licence in September 2019 and since then have
undertaken a great deal of technical work which has involved the
reprocessing and interpreting of historic 3D seismic data. Using
state of the art processes it has helped to focus our efforts on
identifying the sizeable prospects in the Lower Cretaceous play, a
prolific producer in West Africa.
We are now seeking a partner to work with us to take the licence
forward to maximise its potential. With this in mind, we have been
encouraged by the interest generated by the launch of the farmout
among major players.
There have been a number of discoveries over recent years on the
same trend line (and with similar geological horizons) both in oil
and in gas. Morocco is an excellent place to do business and the
country is certainly at the forefront of taking its ESG
responsibilities very seriously. It is a country that generates a
great deal of power from hydroelectric, wind and solar, however oil
and gas still have a significant part to play as Morocco
transitions towards a sustainable energy future.
Exploration: Offshore Ireland
As has been previously outlined, Europa's offshore Ireland
portfolio has undergone a shift from early stage oil exploration in
unproven basins to infrastructure-led gas exploration in the proven
Slyne Basin. For what was a nominal sum, we acquired a 100%
interest in FEL 3/19 which holds the 1.2 tcf Edge prospect and is
located close to the producing Corrib gas field as well as our own
1.5 tcf Inishkea prospect on FEL 4/19.
We are awaiting regulatory sign-off and subject to receiving
this, Europa will control a 100% interest in the only two known 1
tcf plus gas prospects that lie close to Corrib and its production
and processing facilities.
The focus is to attract a potential partner for these assets
which would help accelerate high impact development activity.
Financials
Revenue was GBP1,372,000 (2020: GBP1,244,000). The average oil
price achieved was US$56.6/bbl (2020: US$48.0/bbl) and the average
Sterling exchange rate was US$1.37 (2020: US$1.27). An average of
93 boepd (2020: 92 boepd) was recovered from our four UK onshore
fields. Production (bopd) was 23 at West Firsby, 27 at Crosby
Warren, and 33 net at Whisby and 10 net at Wressle.
Stringent cost controls continue to be implemented. Cost of
sales was GBP1,249,000 (2020: GBP1,438,000).
Administrative expenses of GBP717,000 (2020: GBP823,000)
included GBP171,000 on new licence evaluations (2020:
GBP81,000).
Net cash spent on operating activities was GBP535,000 (2020:
cash spent GBP884,000).
Purchase of intangible fixed assets of GBP985,000 (2020:
GBP1,148,000) was spent advancing the portfolio.
The Group's cash balance at 31 July 2021 was GBP0.6 million (31
July 2020: GBP0.8 million).
Non-financial Key Performance Indicators ('KPIs')
There were no reportable accidents or incidents in the year
(2020: zero).
Conclusion and Outlook
As a result of progress made, the Company is firmly on track to
achieve its twin objectives of generating material production-based
revenues and also creating significant value-creating
opportunities. Thanks to resilient oil prices over the past year,
which are currently above US$80/barrel, our investment in Wressle
has paid off as a fully operational and cash generative asset which
at a stroke has more than doubled Europa's oil production and
scaled up the Company's profitability. This in turn will allow us
to explore new opportunities as we look to expose our shareholders
to potentially high reward activity while preserving the integrity
of the Company's balance sheet.
In the year ahead, shareholders can expect the management team
to continue to advance our strategy of growing our existing
portfolio both organically and via acquisition as we look to add a
third leg to the business, specifically a late-stage appraisal and
development venture. We will also continue to evaluate further
opportunities in the renewable space in addition to geothermal
energy, as we increase efforts to play a key role in the UK's
transition to green energy.
Qualified Person Review
This release has been reviewed by Alastair Stuart, engineering
advisor to Europa, who is a petroleum engineer with over 35 years'
experience and a member of the Society of Petroleum Engineers and
has consented to the inclusion of the technical information in this
release in the form and context in which it appears.
Simon Oddie (CEO)
The financial information set out below does not constitute the
company's statutory accounts for 2021 or 2020. The financial
information has been prepared in accordance with international
accounting standards in conformity with the requirements of the
Companies Act 2006 on a basis that is consistent with the
accounting policies applied by the group in its audited
consolidated financial statements for the year ended 31 July 2021.
Statutory accounts for the years ended 31 July 2020 and 31 July
2019 have been reported on by the Independent Auditors.
The Independent Auditors' Report on the Annual Report and
Financial Statements for 2021 and 2020 were unqualified and did not
contain a statement under 498(2) or 498(3) of the Companies Act
2006.
Statutory accounts for the year ended 31 July 2020 have been
filed with the Registrar of Companies. The statutory accounts for
the year ended 31 July 2021 will be delivered to the Registrar in
due course.
Consolidated statement of comprehensive income
For the year ended 31 July 2021 2020
GBP000 GBP000
Revenue 1,372 1,244
---------------------------------- --------------------------------------- ---------------------------------------
Cost of sales (1,249) (1,438)
Impairment of producing fields - (160)
Total cost of sales (1,249) (1,598)
---------------------------------- ----------------------------------
Gross profit/(loss) 123 (354)
Exploration write-off (12) (4,004)
Administrative expenses (717) (823)
Finance income 3 7
Finance expense (242) (266)
------------------------------------ ------------------------------------
Loss before taxation (845) (5,440)
Taxation credit 127 -
------------------------------------ ------------------------------------
Loss for the year (718) (5,440)
===================================== =====================================
Other comprehensive income
Items which will not be
reclassified to
profit /(loss)
Loss on investment revaluation (2) (197)
------------------------------------ ------------------------------------
Total other comprehensive loss (2) (197)
===================================== =====================================
Total comprehensive loss for the
year attributable
to the equity shareholders of
the parent (720) (5,637)
===================================== ===================================
Earnings per share (EPS) attributable to Pence Pence per
the equity shareholders of the parent per share share
Basic and diluted EPS ( 0.15)p (1.22)p
Consolidated statement of financial position
As at 31 July 2021 2020
GBP000 GBP000
Assets
Non-current assets
Intangible assets 6,438 4,965
Property, plant and equipment 369 476
---------------------------------- ----------------------------------
Total non-current assets 6,807 5,441
---------------------------------- ----------------------------------
Current assets
Investments 42 44
Inventories 23 12
Trade and other receivables 522 234
Restricted cash 230 245
Cash and cash equivalents 641 768
---------------------------------- ----------------------------------
Total current assets 1,458 1,303
---------------------------------- ----------------------------------
Total assets 8,265 6,744
================================== ==================================
Liabilities
Current liabilities
Loans (10) (2)
Trade and other payables (1,556) (1,013)
------------------------------------ ------------------------------------
Total current liabilities (1,566) (1,015)
------------------------------------ ------------------------------------
Non-current liabilities
Loans (40) (48)
Trade and other payables (17) (31)
Long-term provisions (3,393) (3,163)
---------------------------------- ----------------------------------
Total non-current liabilities (3,450) (3,242)
---------------------------------- ----------------------------------
Total liabilities (5,016) (4,257)
----------------------------------- -----------------------------------
Net assets 3,249 2,487
================================== ==================================
Capital and reserves
attributable to equity
holders
of the parent
Share capital 5,665 4,447
Share premium 21,157 21,010
Merger reserve 2,868 2,868
Retained deficit (26,441) (25,838)
---------------------------------- ----------------------------------
Total equity 3,249 2,487
================================== =====================================
These financial statements were approved by the Board of
Directors and authorised for issue on 20(th) October 2021 and
signed on its behalf by:
Simon Oddie, CEO
Company registration number 05217946
Consolidated statement of changes in equity
Attributable to the equity holders of the parent
Share Share premium Merger Retained Total
capital reserve deficit equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
August
2019 4,447 21,010 2,868 (20,204) 8,121
Comprehensive
loss
for the year
Loss for the
year
attributable
to the
equity
shareholders
of the parent - - - (5,440) (5,440)
Other
comprehensive
loss
attributable
to the equity
shareholders
of the parent - - - (197) (197)
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Total
comprehensive
loss for the
year - - - (5,637) (5,637)
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Contributions
by and
distributions
to owners
Share-based
payments - - - 3 3
---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------
Total
contributions
by and
distributions
to owners - - - 3 3
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Balance at 31
July
2020 4,447 21,010 2,868 (25,838) 2,487
================================== ================================== ================================== =============================== ==============================
Share Share premium Merger Retained Total
capital reserve deficit equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
August
2020 4,447 21,010 2,868 (25,838) 2,487
Comprehensive
loss
for the year
Loss for the
year
attributable
to the
equity
shareholders
of the parent - - - (718) (718)
Other
comprehensive
loss
attributable
to the equity
shareholders
of the parent - - - (2) (2)
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Total
comprehensive
loss for the
year - - - (720) (720)
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Contributions
by and
distributions
to owners
Issue of share
capital 1,218 225 - - 1,443
Issue of share
warrants - (78) - 78 -
Share-based
payments - - - 39 39
---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------
Total
contributions
by and
distributions
to owners 1,218 147 - 117 1,482
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Balance at 31
July
2021 5,665 21,157 2,868 (26,441) 3,249
================================== ================================== ================================== =============================== ==============================
Company statement of financial position
As at 31 July 2021 2020
GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 23 55
Investments 2,343 2,341
Amounts due from Group companies 588 430
------------------------------------ ------------------------------------
Total non-current assets 2,954 2,826
------------------------------------ ------------------------------------
Current assets
Other receivables 69 53
Cash and cash equivalents 272 288
-------------------------------------- --------------------------------------
Total current assets 341 341
--------------------------------------- ---------------------------------------
Total assets 3,295 3,167
======================================== ====================================
Liabilities
Current liabilities
Loans (10) (2)
Trade and other payables (652) (515)
------------------------------------ ------------------------------------
Total current liabilities (662) (517)
------------------------------------ ------------------------------------
Loans (40) (48)
Trade and other payables (11) (17)
------------------------------------ ------------------------------------
Total non-current liabilities (51) (65)
---------------------------------- ----------------------------------
Total liabilities (713) (582)
------------------------------------ ------------------------------------
Net assets 2,582 2,585
==================================== ====================================
Capital and reserves
attributable to equity
holders of the parent
Share capital 5,665 4,447
Share premium 21,157 21,010
Merger reserve 2,868 2,868
Retained deficit (27,108) (25,740)
-------------------------------------- --------------------------------------
Total equity 2,582 2,585
======================================= ======================================
The Company has taken advantage of the exemption provided under
Section 408 of the Companies Act 2006 not to publish its individual
statement of comprehensive income and related notes. The loss dealt
with in the financial statements of the parent Company is
GBP1,485,000 (2020: loss of GBP3,072,000).
These financial statements were approved by the Board of
Directors and authorised for issue on 20(th) October 2021 and
signed on its behalf by:
S Oddie
CEO
Company registration number 05217946
Company statement of changes in equity
Share Share premium Merger Retained Total
capital reserve deficit equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
August
2019
originally
stated 4,447 21,010 2,868 (22,671) 5,654
Comprehensive
loss
for the year
Loss for the
year
attributable
to the
equity
shareholders
of the parent - - - (3,072) (3,072)
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Total
comprehensive
loss for the
year - - - (3,072) (3,072)
Contributions
by and
distributions
to owners
Share-based
payments
(note 23) - - - 3 3
---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------
Total
contributions
by and
distributions
to owners - - - 3 3
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Balance at 31
July
2020 4,447 21,010 2,868 (25,740) 2,585
================================== ================================== ================================== =============================== ==============================
Share Share premium Merger Retained Total
capital reserve deficit equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
August
2020
originally
stated 4,447 21,010 2,868 (25,740) 2,585
Comprehensive
loss
for the year
Loss for the
year
attributable
to the
equity
shareholders
of the parent - - - (1,485) (1,485)
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Total
comprehensive
loss for the
year - - - (1,485) (1,485)
Contributions
by and
distributions
to owners
Issue of share
capital 1,218 225 - - 1,443
Issue of share
warrants - (78) - 78 -
Share-based
payments - - - 39 39
---------------------------------- ---------------------------------- ---------------------------------- --------------------------------- ------------------------------
Total
contributions
by and
distributions
to owners 1,218 147 - 117 1,482
---------------------------------- ---------------------------------- --------------------------------- ------------------------------ -------------------------------
Balance at 31
July
2021 5,665 21,157 2,868 (27,108) 2,582
================================== ================================== ================================== =============================== ==============================
Consolidated statement of cash flows
For the year ended 31 July 2021 2020
GBP000 GBP000
Cash flows used in operating
activities
Loss after tax from continuing
operations (718) (5,440)
Adjustments for:
Share-based payments 39 3
Depreciation 107 186
Impairment of producing
field - 160
Exploration write off 12 4,004
Finance income (3) (7)
Finance expense 242 266
Taxation credit
recognised in profit and
loss (127) -
(Increase)/decrease in
trade and other
receivables (288) 72
(Increase)/decrease in
inventories (11) 7
Increase/(decrease) in
trade and other
payables 85 (95)
------------------------------------ ------------------------------------
Net cash used in operations (662) (844)
Income taxes repayment received 127 -
------------------------------------ ------------------------------------
Net cash used in operating
activities (535) (844)
===================================== =====================================
Cash flows used in investing
activities
Purchase of property, plant and
equipment - (100)
Purchase of intangible assets (985) (1,148)
Cash guarantee re Morocco (4) (1)
Sale of part interest in licence
- associated
costs - (12)
Interest received 3 7
----------------------------------- -----------------------------------
Net cash used in investing
activities (986) (1,254)
===================================== =====================================
Cash flows from/ (used in)
financing activities
Gross proceeds from issue of
share capital 1,583 -
Costs incurred on issue of
share capital (140) -
Proceeds from borrowings 225 50
Repayment of borrowings (225) -
Lease liability payments (35) (73)
Lease liability interest
payments (2) (3)
Finance costs (7) (1)
----------------------------------- -----------------------------------
Net cash from/ (used in)
financing activities 1,399 (27)
===================================== =====================================
Net decrease in cash and cash
equivalents (122) (2,125)
Exchange loss on cash and cash
equivalents (5) (12)
Cash and cash equivalents at
beginning
of year 768 2,905
----------------------------------- -----------------------------------
Cash and cash equivalents at end
of year 641 768
===================================== =====================================
Company statement of cash flows
For the year ended 31 July 2021 2020
GBP000 GBP000
Cash flows used in operating activities
Loss after tax from continuing operations (1,485) (3,072)
Adjustments for:
Share-based payments 39 3
Depreciation 32 66
Exploration write off - 371
Movement in intercompany loan provision 1,921 3,075
Finance income (654) (680)
Finance expense 5 3
(Increase)/decrease in trade and other
receivables (16) 17
Increase in trade and other payables 36 11
----------------------------------- -----------------------------------
Net cash used in operating activities (122) (206)
===================================== =====================================
Cash flows used in investing activities
Purchase of property, plant and equipment - (3)
Purchase of intangible assets - (69)
Movement on loans to Group companies (1,306) (1,981)
Interest received - 2
----------------------------------- -----------------------------------
Net cash used in investing activities (1,306) (2,051)
===================================== =====================================
Cash flows from/(used in) financing activities
Gross proceeds from issue of share capital 1,583 -
Costs incurred on issue of share capital (140) -
Proceeds from borrowings 225 50
Repayment of borrowings (225) -
Lease liability principal payment (75) - (26) (63)
Lease liability interest payment (1) (3)
Finance costs (4) -
----------------------------------- -----------------------------------
Net cash from/(used in) financing activities 1,412 (16)
===================================== =====================================
Net decrease in cash and cash equivalents (16) (2,273)
Exchange gain on cash and cash equivalents - 8
Cash and cash equivalents at beginning
of year 288 2,553
----------------------------------- -----------------------------------
Cash and cash equivalents at end of year 272 288
===================================== =====================================
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie /Murray Johnson Europa mail@europaoil.com
Christopher Raggett / Simon
Hicks finnCap Ltd +44 (0) 20 7220 0500
James Pope / Andy Thacker Turner Pope +44 (0) 20 3657 0050
Susie Geliher / Oonagh
Reidy St Brides Partners +44 (0) 20 7236 1177
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR. .
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END
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October 21, 2021 02:00 ET (06:00 GMT)
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