UK-based explorer Europa Oil & Gas has seen its cash balance increase by £4million last year following an oversubscribed share issue.
The firm said the new cash resources of £4.8millon would allow the company to fund its 2014 exploration programme – which includes the drilling of at least four wells this year.
Onshore Europa is looking to spud two exploration wells -Wressle and Kiln Lane – with further options being considered.
The company has also started planning and permitting for a Berenx shallow exploration well in France, as well as a farm-out of the licence.
Europa said it was also looking to reach a drilling decision for its offshore licences in Ireland this summer.
The first of the two exploration wells could begin work next year, with both already fully funded through a farm-out to Kosmos Energy, which took over operatorship of the licences with an 85% interest.
“With two fully funded UK onshore wells to be drilled in the next nine months, and a prospect inventory and CPR for the Irish licences also due, the second half promises to be a highly active period for the company, one that could see a number of value trigger events including a decision by Kosmos to drill offshore Ireland,” said chief executive, Hugh Mackay.
“At the same time farm-out discussions for our two onshore France permits and well planning and permitting to drill the Berenx shallow gas prospect are being advanced.
“In tandem with advancing our existing projects, we continue to look to add new ventures to our portfolio that match our criteria.”
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