First Day of Dealings on AIM
November 11 2004 - 3:07AM
UK Regulatory
RNS Number:1016F
Europa Oil & Gas (Holdings) PLC
11 November 2004
EUROPA OIL & GAS (HOLDINGS) PLC
FIRST DAY OF DEALINGS ON AIM
11 November 2004
Europa Oil & Gas (Holdings) plc ("Europa" or the "Group"), an established
UK-based independent oil & gas exploration and production group with a portfolio
of assets in the UK and continental Europe, today announces the commencement of
dealings in its Ordinary Shares and Warrants on the Alternative Investment
Market ("AIM") of the London Stock Exchange.
Westhouse Securities LLP is Nominated Adviser and Broker to Europa.
Europa shares are listed on AIM under the symbol EOG and warrants under the
symbol EOGW.
The AIM Admission Document is available from Westhouse Securities LLP, Clements
House, 14-18 Gresham Street, London EC2V 7NN.
Use of Proceeds of the Placing
The proceeds of the Placing will principally be used to fund the next phase of
the development of Europa's existing projects and to provide finance for
securing additional projects.
Paul Barrett, Managing Director of Europa, said:
"Today marks a new phase in the development of Europa. With the support of our
new shareholders we can now press on with our plans to bring more assets into
production and accelerate drilling on our exploration prospects. We expect to
drill three new wells in the next few months on our existing assets and will be
looking to secure further venture projects in due course."
For further information, contact:
Westhouse Securities LLP (020 7601 6100) Citigate Dewe Rogerson (020 7638 9571)
Bill Staple / Tim Feather Martin Jackson / Alexandra Scrimgeour
See also see www.europaoil.com
Notes to Editors
Placing Statistics
Placing Price per New Ordinary Share 25 pence
Number of New Ordinary Shares placed 20,000,000
Total Proceeds from the Placing (before expenses) #5 million
Number of Ordinary Shares in issue immediately following Admission 60,000,000
Number of Warrants in issue immediately following Admission 10,000,000
Market Capitalisation following the Placing at the Placing Price #15 million
Production
Three projects are currently in production and a further two are awaiting
development. The current attributable production of around 330 boepd is
forecast by independent consultants, Scott Pickford, to rise to up to 6,000
boepd by 2007.
Reserves
Scott Pickford has undertaken a review of the oil and gas properties of Europa
and concluded that the Group holds 2P reserves and contingent resources of 7
million barrels of oil equivalent ("mmboe") and estimated additional unrisked
prospective resources of 28 mmboe.
Summary of Principal Assets
Country Block / Field Operator Interest
Producing UK West Firsby Oilfield Europa 100%
UK Whisby-4, Whisby Oilfield Blackland Park 75%
Ukraine Horodok Field Europa 70%
Development UK 41/24 & 41/25 Europa 100%
UK Whisby Area (pending) Europa 100%
Romania Brodina EIII-1 (Bilca Discovery) Falcon 28.75%
Exploration UK TQ14 Holmwood (pending) Europa 40%
UK Whisby Area Exploration (pending) Europa 100%
Romania EPI-8 Valeni de Munte Tullow Oil 15%
Romania Epi-3 Costisa Prospect Tullow Oil 15%
Romania EIII-3 Cuejdui Falcon 28.75%
Romania EIII-4 Bacau Falcon 47.5%
Poland Nowy Sacz Area Medusa 2.5% ORRI
Strategy
Europa has embarked on a strategy to build the Group into a significant
European-focused independent upstream oil and gas business. The strategy will
be to continue to grow a balanced exploration and production portfolio with
producing assets generating cashflow, development projects providing low risk
potential and exploration opportunities offering significant upside.
Also see www.europaoil.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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