Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Pretax loss narrows 20% to £1.0 million in the six months to £1.0 million from £1.3 million a year prior. Revenue dives to £1.4 million from £3.7 million, which it says was due to the three-month shut-in period at Wressle in the East Midlands. Total cost of sales decrease 28% to £1.6 million from £2.2 million. Notably, reports no exploration write off cost, compared to £1.7 million a year prior. Looking ahead, Chief Executive Officer Will Holland says: ‘As we have alluded to in the past, we are always looking for additional geographies where we can reallocate our inhouse expertise. Such an opportunity arose in Equatorial Guinea towards the end of last year, where we are investing in a very high-quality licence with three drill-ready and potentially transformational prospects.’
Current stock price: 0.96 pence each, down 3.6% on Wednesday afternoon in London
12-month change: down 15%
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