Europa Oil & Gas this morning confirmed it has been successful in its bid to raise more cash for its UK operations.
The AIM traded UK and Ireland focused oil and gas exploration, development and production company launched its second open offer in less than month.
Its first, which closed late May, raised £2.1million. The explorer was aiming to raise an additional £1.5million.
The latest offer, which closed on June 9, was just shy of the overall target, bringing in £1.3million.
Chief executive Hugh Mackay said the funds will be used unlock the potential of its South Porcupine and Homwood prospects.
He said: “The institutional and retail investors who have participated in the Placing and Open Offer have gained exposure to an industry-leading licence position in the emerging hydrocarbon hotspot that is offshore Ireland, as well as the existing production of UK onshore’s third largest oil producer.
“In our view, their timing could not be better. Offshore Ireland, the first of what we believe will be a number of new wells is due to be drilled this summer. Thanks to our diversified licence position we are exposed to all the various play types being targeted. Success at this or any other well in the region will therefore significantly de-risk the 32 prospects and leads we have already identified across our blocks, which to date have been assigned gross mean un-risked Prospective Resources of 4.7 billion boe and 1.5 tcf of gas, 2 billion boe of which have been independently audited by ERCE Equipoise.
“In the UK, later this year we will be drilling a potentially high impact conventional well at Holmwood which lies adjacent to the Horse Hill discovery in the Weald and, subject to planning approval, see production commence at Wressle which will almost double our daily output to over 200 bopd. With further technical work being carried out across our portfolio, the acquisition of 3D seismic on our Cairn Energy operated licence in the South Porcupine basin this summer, and an ongoing farm-out process for our remaining Irish licences, I look forward to providing further updates on our progress as we focus on unlocking the substantial value within our asset base.”
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