Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Expects to report free cash flow of approximately GBP800,000 for 2023, lower than forecast of GBP4.2 million announced on Wednesday. Says lower than expected result was primarily due to delayed development at Wressle-1 well reducing revenue receipts for 2023, although it did result in "materially lower" capital expenditure. Says it has sufficient funds to cover expected capital and operational requirements for 2024. Company also reports that its cash position was GBP4.3 million at November 30, and that gross production at Wressle-1 is currently averaging 665 barrels of oil per day.
Chief Executive Officer Will Holland says: "As we announced at the end of last year, our engineers are closely monitoring the W1 well and are optimising the jet pump rate to maximise oil recovery and value from the well. This remains a dynamic process and we may decide to increase pump rates further as the well performance continues to be assessed."
Current stock price: 0.98 pence, down 4.5%
12-month change: down 13%
By Emma Curzon, Alliance News reporter
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