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Date/Time	Headline	Source
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Tue 07:36	BRIEF-Aurelian Oil expected gas in place at Voitinel-1 well 50-100 bcf	AFX UK Focus
LONDON, Nov 17 (Reuters) - Aurelian Oil and Gas Plc: EXPECTED GAS IN PLACE AT VOITINEL-1 WELL BETWEEN 50 AND 100 BCF ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
Tue 07:01	Europa Oil & Gas (Holdings) PLC - Voitinel Gas Discovery Update	PRN
Europa Oil & Gas (Holdings) plc Voitinel Gas Discovery Update The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce the results of the drillstem test evaluation for Voitinel-1, the full details of which can be found in the Aurelian's RNS of today. The assessment of the test results is that there is a likely range of gas in place in the tested interval of between 50 and 100 billion cubic feet. There is untested upside in further intervals interpreted as similarly gas-bearing which will be tested in due course. The partnership will agree a forward appraisal plan for the discovery in the near future. Paul Barrett, Managing Director of Europa, said `This is clearly excellent news. The key to the analysis is that no depletion was seen in the tests, lending confidence to the view that this represents a significant gas discovery with further untested upside.' For further information, please contact: Europa Oil & Gas Paul Barrett 01235 553266 Seymour Pierce Jonathan Wright 020 7107 8000 END More
13-11-09	Europa Oil & Gas (Holdings) PLC - Hykeham Drilling Update	PRN
Europa Oil & Gas (Holdings) plc HYKEHAM-1 DRILLING The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce that drilling the main section of the Hykeham-1 exploration well, situated on the PEDL150 licence near Lincoln, has commenced. The BDF28 rig was mobilized to the site on the 9th November and the well is testing the potential for up to 20 million barrels of oil in place in two target horizons. The anticipated final TD of just over 1,000m is expected to be reached by early December. Hykeham is a low risk prospect situated in the main producing fairway of the East Midlands Petroleum Province. It is one of several leads and prospects identified on the PEDL150 licence each with similar risk/reward profiles. Across the East Midlands Petroleum Province, Europa has a significant high quality exploration holding of over 100,000 net acres containing 12 identified leads and prospects with gross unrisked potential for over 350 million barrels of oil in place. Success at Hykeham will significantly increase Europa's oil production levels and more than double group 2P reserves. The East Midlands remains relatively underexplored, with a low exploration drilling density despite the cumulative production of 75 million barrels of oil to date. This makes it an attractive area to explore for further oil, with crude sold locally at close to Brent prices, developments coming quickly into production and a corporation tax burden of only 60% of that on existing UK production. Paul Barrett, Managing Director of Europa, said `We regard the East Midlands as a key core area for Europa due to a combination of technical and commercial positives. Success at Hykeham will create a step change for the Company and be a driver for both further potential reserves growth and stronger profits in 2010'. For further information, please contact: Paul Barrett Europa Oil & Gas +44 1235 553 266 Jonathan Wright Seymour Pierce +44 20 7107 8000 END More
10-11-09	Europa Oil & Gas (Holdings) PLC - Director/PDMR Shareholding	PRN
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS `1. Name of the issuer 2. State whether the notification` `relates to (i) a transaction` `notified in accordance with DTR` `3.1.2 R;` `(ii) a disclosure made in` `accordance with LR 9.8.6 R(1), or;` `(iii) a disclosure made in` `accordance with section 793 of the` `Companies act (2006)` `EUROPA OIL & GAS (HOLDINGS) PLC (i)` `3. Name of person discharging 4. State whether notification relates` `managerial responsibilities/ to a person connected with a person` `director discharging managerial` `responsibilities/director named in` `3 and identify the connected person` ERIKA SYBA `5. Indicate whether the notification 6. Description of shares (including` `is in respect of a holding of the class), debentures or derivatives` `person referred to in 3 or 4 or financial instruments relating` `above or in respect of a to shares` non-beneficial interest 3 ORDINARY SHARES `7. Name of registered shareholders 8 State the nature of the transaction` (s) and, if more than one, the number of shares held by each of them ERIKA SYBA PURCHASE OF SHARES `9. Number of shares, debentures or 10. Percentage of issued class acquired` `financial instruments relating to (treasury shares of that class` `shares acquired should not be taken into account` `when calculating percentage)` `100,000 0.13%` `11. Number of shares, debentures or 12. Percentage of issued class disposed` `financial instruments relating to (treasury shares of that class` `shares disposed should not be taken into account` `when calculating percentage)` `nil nil` `13. Price per share or value of 14. Date and place of transaction` transaction `13 pence 9 November 2009` `15. Total holding following 16. Date issuer informed of transaction` notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) `23.03% (Combined holding with 9 November 2009` spouse) Name of contact and telephone number for queries PHILIP GREENHALGH 01235 467362 Name and signature of duly authorised officer of issuer responsible for making notification PHILIP GREENHALGH __________________________________________________________ Date of notification 10 November 2009 END More
28-10-09	Europa Oil & Gas (Holdings) PLC - Grant of stock options	PRN
Europa Oil & Gas (Holdings) plc 28 October 2009 ISSUE OF OPTIONS Europa Oil & Gas (Holdings) plc announces that Phil Greenhalgh, Finance Director has been granted 625,000 options over ordinary shares in the company. All the options have an exercise price of 16p and a 10 year life. One third of the options are exercisable after 18 months, a further third after 30 months and the balance after 42 months. Following this grant, Mr Greenhalgh has a total of 1,875,000 options over ordinary shares in the company. A further 160,000 options were granted to other employees of the company on similar terms. For further information contact: Paul Barrett, Managing Director, Europa Oil & Gas +44 7971 528754 Jonathan Wright, Seymour Pierce +44 20 7107 8000 END More
26-10-09	Europa Oil & Gas (Holdings) PLC - Drilling update	PRN
Europa Oil & Gas (Holdings) Plc Voitinel-1 Well, Brodina Concession, Romania - Preliminary Test Results The operator announces that Voitinel-1 has tested gas from the interval between 1,653.3 metres and 1,672.5 metres measured depth. The test was designed to collect the data required to characterise the reservoir in order to assess appraisal and development options. The well flowed at an initial rate of 85,000 cubic metres of dry gas per day (3.0 mscf/day) at a tubing head pressure at of 40 bar (595psi). The well is currently being further tested at a series of different flow rates and pressures. The preliminary results are encouraging. Voitinel-1 has tested 17.6 metres of pay at satisfactory rates in a structure with 14 square kilometres of closure. It would be speculative to assign resources at this stage but it is expected that the scale of the discovery will be assessed and announced once the pressure and flow test analysis has been completed over the next three weeks. Interests in the Voitinel well are Aurelian Oil & Gas (Romania) SRL 33.75%, S.N.G.N. Romgaz S.A. 37.50% and Europa Oil & Gas srl 28.75%. Paul Barrett, Managing Director of Europa said While Europas recent history of gas tests in Sarmatian sands have been disappointing, Voitinel seems more promising as significant structural closure can be demonstrated. Early test results have exceeded expectations* Contact: Paul Barrett 07971 528754 END More
26-10-09	Europa Oil & Gas (Holdings) PLC - Hykeham Update	PRN
HYKEHAM UPDATE The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce the mobilisation of BDF Rig 28 to drill the main section of the Hykeham-1 exploration well, situated some 5km southwest of Lincoln. The agreed date for mobilising to the site is November 9th and the well is expected to be completed by early December. The Hykeham prospect is a robust four-way dip-closed structure at Namurian Basal Sandstone level, the reservoir in the nearby Whisby Oilfield where Europa has a producing interest. Additional potential exists in the overlying Westphalian channel sands play, demonstrated by the thick Loxley Edge oil pay in Whisby-4 and this will also be tested by the Hykeham-1 well. Europa will drill this well with its full 75% equity following Valhalla's decision not to exercise their option to increase their working interest to 50%. Paul Barrett, Managing Director of Europa said "The opportunity has arisen to drill Hykeham with BDF28 earlier than expected. This is the lowest risk of the prospects in our portfolio and as such we are comfortable proceeding with a 75% working interest. Success will translate to a significant increase in group reserves and go straight to the bottom line in terms of production revenues. We look forward to drilling the well and announcing the results in time for Christmas." For further information, please contact: Paul Barrett Europa Oil & Gas +44 1235 553 266 Jonathan Wright Seymour Pierce +44 20 7107 8000 END More
20-10-09	Europa Oil & Gas (Holdings) PLC - Annual Financial Report	PRN
Results for the year ended 31 July 2009 Europa Oil & Gas (Holdings) plc (EOG) the AIM listed oil & gas exploration and production group with assets in Europe and North Africa, today announces its results for the 12 months ended 31 July 2009. Operational highlights * Crude oil sales of 77,743 barrels, a decrease of 12% on 2008 * Drilled top hole section of Hykeham-1 well * Proved a potential 40% production increase for West Firsby * Reduced equity in Brates block to 20% * Secured extension to West Darag licence to 31 December 2009 Financial highlights * Revenue of £2.9 million (2008: £4.4 million) * Profit before tax of £0.4 million (2008: £2.1 million) * Profit after tax from continuing operation of £0.1 million (2008: £0.4 million) * Basic earnings per share from continuing operations 0.11 pence (2008: 0.71 pence) Post balance sheet events * Elected not to participate in any future Lilieci-1 development * Placed 12.5 million shares to raise £1.7 million * Drilled Voitinel-1. First test flowed gas at a rate of 1.6 mmscfpd * £1.6 million of available funding at 30 September 2009, post drilling of Voitinel * Rig contract executed with BDF for the main section of Hykeham-1 Chairman's statement The Group's financial year spans a period of unprecedented turbulence in commodity and equity markets, with Brent oil price falling from $120/bbl to under $40/bbl during the twelve months. The fall in oil prices, albeit from an unsustainable and artificial peak, adversely affected Europa's production revenues which fell to £2.9 million from £4.4 million in 2008. The directors reacted constructively to this situation by reducing their salaries by 20% while the oil price was below $50/bbl. Despite this challenging business environment, the Group has posted a pre-tax profit of £0.4 million (2008: £2.1 million). The Group's production stream was also impacted by a fire at West Firsby, which caused a shutdown of that site's production in June and July 2009, resulting in an annual average production of 213 bopd (2008: 242 bopd). Experimental production optimisation at West Firsby, conducted in May, confirmed the potential for around 40% production increase at the site by upgrading the facilities. Although delayed by the fire, a programme of work to increase production at both West Firsby and Crosby Warren fields is now on-track to deliver improvements by the end of 2009. In the Aquitaine basin of SW France, the Group has reprocessed the existing seismic data over most of the Béarn des Gaves and Tarbes Val d'Adour permits. The forward programme is to develop a drilling location in conjunction with possible new seismic acquisition in 2010. Further afield, we successfully negotiated an extension of Phase 1 of the West Darag concession in Egypt in order to undertake the acquisition of a new seismic survey. The seismic survey is due to commence in October 2009 and a decision will then be made regarding a commitment to enter Phase 2 on the concession. In early 2009, Europa participated in the drilling of the Lilieci-1 well Bacau, Romania, which is currently suspended. The well was drilled as part of an agreement with the Operator whereby our costs were carried and we had an option to back-in to the well, after testing, on payment of the carried costs plus a premium. Our assessment of the well tests was that there was insufficient gas in place to warrant backing-in to any future development and the option was not exercised. The results underlined the soundness of the decision to drill this well at almost nil cost to Europa. The high profile Voitinel well Brodina, Romania spudded on 21 August 2009 and reached TD on 19 September 2009. The primary target of the prospect did not contain hydrocarbons, however the Brodina group decideded that the gas shows in a secondary target at a shallower depth warranted testing. The test is currently in progress. Initial results are promising, with the first test flowing at a rate of 1.6 mmscfpd. The Operator will report when the tests are completed at the end of October. Following the spudding of Voitinel-1 the directors took advantage of an opportunity to raise equity funds. This resulted in net proceeds of £1.7 million. Directors and employees subscribed to 20% of the amount raised, with only a 16.6% dilution to existing shareholders. This capital allows the Group to quicken the pace on the production enhancement programmes, a process which is already underway. It is anticipated that production will rise to over 350 bopd after completion of these programmes. At 30 September 2009 Europa had £1.6 million of available funding. Attention now switches to the East Midlands again with the Hykeham-1 exploration well PEDL150, UK, a low risk drill offsetting our producing Whisby oilfield. The well was spudded early in 2009 and drilled to 88m before being suspended due to summer bird breeding season drilling restrictions. The Hykeham-1 well targets 10mmbo in place and has all the essential elements for a low risk oilfield prospect. We believe the well has a 1 in 3 chance of success. We expect this well to be completed by January 2010 and if successful, could be put on production immediately providing an indicative Group production level of over 500 bopd. Since June, oil prices have rallied and steadied in the $60-70/bbl range and most economies have started to recover. This bodes well for a more stable and predictable year ahead in terms of revenue stream. Combining this with increased production, drilling in the UK, Romania and potentially France and Egypt, make for a very exciting 2010. Sir Michael Oliver Chairman Operational review Licence Interests Table `Country Project Equity Operator Status` `UK Crosby Warren 100% Europa Production` `Oilfield` `UK West Firsby 100% Europa Production` `Oilfield` `UK Whisby Oilfield 65% BPEL Production` `(W4 only)` `UK PEDL143 40% Europa Exploration, Holmwood-1 well planned` `(Holmwood) 2010` `UK PEDL150 75% Europa Exploration, Hykeham-1 well, West` `(SW Lincoln) Whisby prospect` `UK PEDL180 50% Europa Exploration, Wressle prospect` `(NE Lincs)` `UK PEDL181 50% Europa Exploration, Caister Horst prospect` `(NE Lincs)` `UK PEDL222 50% Valhalla Exploration, maturing prospects` `(Torksey Area)` `Romania EIII-1 Brodina 28.75% Aurelian Exploration, Voitinel-1 on test` `Romania EPI-3 Brates 20% MND Exploration, Barchiz-1 well and` `Tazaul Mare prospect` `Romania EIII-3 Cuejdiu 17.5% Aurelian Boistea-1 commercial feasibility` `study` `Romania EIII-4 Bacau 19% Aurelian Exploration, 4 year extension secured` `France Béarn des Gaves 100% Europa Exploration possible field` `development` `France Tarbes val 100% Europa Field re-development, exploration` `d'Adour` `Poland Blocks 434, 435, 2.5% * RWE-Dea Appraisal drilling of Pola oil` `454 and 455 discovery to commence in late 2009` `Egypt West Darag 60% Europa Exploration, seismic acquisition` `Onshore` `Western Bir Lehlou 100% Europa Inactive - force majeure` Sahara `Western Hagounia 100% Europa Inactive - force majeure` Sahara OVERRIDING ROYALTY INTEREST Summary The Group holds interests in 18 licences (see table), with 15 in Europe and 3 in North Africa. The company strives to maintain a balanced portfolio and has, on an unrisked reserves potential basis, 2% of the portfolio in production, 9% in appraisal, 58% low risk exploration and 31% in high risk, high reward exploration. We believe this balance allows the Group to use production to build revenue through low risk drilling, and pay for high reward wells. United Kingdom Production/Development Crosby Warren Crosby Warren produces oil from the CW1 well, at about 45bopd. The CW2 well is currently shut-in awaiting a workover. The field is undergoing a production enhancement programme which includes a larger pump on CW1 and a proppant frac stimulation on CW2, a technique which was used to great effect on CW1. These are scheduled to complete during the fourth quarter of 2009. West Firsby In May, a series of engineering studies proved that the West Firsby Oilfield had been underperforming and production could be increased by over 40% from its average production of 120 bopd. An upgrade of the facilities will be required to maximize and sustain this production increase and ensure production reliability. In September, OSL Consulting Limited were engaged to design these modifications. Work has already begun and is scheduled to complete in 16 weeks. On the morning of 22 June 2009, a fire caused damage to two engines and pumps. The emergency shutdown system activated and damage was contained within the engine bund. There were no injuries, no spill of oil, and the equipment was fully insured. Production was quickly restored from the WF7 well and at the time of writing, production from the field was averaging 80 bopd. Work continues to bring both wells back to full production. The field is being remapped with the aim of determining infill drilling locations. This work is expected to be completed before the end of October. Planning permission has already been obtained for a new well at West Firsby and once a location is determined, this well can be drilled relatively quickly and cheaply. Whisby Production continues along a well-defined decline curve for the W4 well. At the end of the reporting period, the well was producing 90 bopd (58 bopd net to Europa) with a cumulative production of approximately 350,000 bbls. No additional work is planned on the well. Exploration The UK onshore has several petroleum basins and our exploration efforts over the past year have concentrated on the East Midlands Petroleum Basin and the Weald Basin in Southern England. The East Midlands has a long history of oil and gas production from the Carboniferous and currently produces mainly oil, with rates of up to 2,500 bopd. The Weald Basin produces both gas and oil from Jurassic reservoirs. PEDL150 (75%) - Hykeham & West Whisby Prospects (East Midlands Petroleum Basin) The Hykeham prospect received planning consent for drilling in 2008. A moratorium during the bird breeding season at the adjacent Whisby Nature Park means that the well cannot be drilled between the beginning of March and the end of August. For this reason, it was cost effective to spud the well in January 2009 and drill to a depth of 88m before setting surface casing and suspending until the end of the bird breeding season. Europa has signed a contract with British Drilling and Freezing Limited (BDF) for their Rig 28 to drill the main section of Hykeham-1 and it is anticipated that drilling will commence in late 2009 after the rig's current campaign. Hykeham is a well-defined prospect with clear four-way dip closure and a common spillpoint with the Whisby Oilfield, 1.5km to the northwest. The nearby Caledonian Farm well encountered good oil shows in a 10m thick channel sandstone reservoir, significantly thicker than that seen in the Whisby Oilfield. The well is targeting 10 million barrels of oil in place and is given an in-house risk assessment of better than a 1 in 3 chance of success. We are excited about drilling this well and regard it as having a good chance of containing commercial hydrocarbons with an estimated 2.4 million barrels of potential recoverable oil. If successful, this well will more than double our reserves and can immediately be in production and generate revenue. In April 2009 Europa received planning permission to drill an exploration well at West Whisby on the same licence. The West Whisby Prospect has an estimated 2.5 mmbo of most likely prospective reserves. PEDL180 and PEDL181 (50%) (East Midlands Petroleum Basin) These two licences cover an area of some 600km2 of the Humber Basin. On this acreage the Wressle prospect, only 7 km from Crosby Warren, is the most-likely low-risk first drill target. In addition, reprocessing of the Immingham 3D seismic survey is underway and there is a strong possibility that the Caister Horst lead, identified for the licence application, will develop into a Saltfleetby Field 'lookalike' (the largest onshore gasfield, with over 73bcf of 2P reserves) and therefore mature into a 'must-drill' prospect. Management believes that the acquisition of this large prospective area stole a march on the competition and will create a flow of high quality drillable prospects over the coming years. PEDL222 (50%) (East Midlands Petroleum Basin) This is primarily protection acreage, connecting the three disparate parts of PEDL150, but also covering the Torksey Field, a subcommercial discovery with potential stratigraphic upside. Work continues on the block, operated by Valhalla. PEDL143 (40%) - Holmwood Prospect (Weald Basin) Following a lengthy process of environmental and planning management a planning application was lodged with Surrey County Council in January 2009. In April, the Council requested further information in order for the planning department to submit their recommendation to the committee. A planning decision is expected in late 2009. There has been some local objection to this application due to its location in an Area of Outstanding Beauty in the Surrey Hills. While understandable, we believe the objections are unjustified. Enormous effort has been made to ensure that the location will not be adversely affected by this temporary development in a secluded, working, Forestry Commission conifer plantation site. Extensive ecological, archeological, noise, light and traffic assessments have been commissioned and these have not revealed any specific causes for concern over the proposed drilling. P1545 (50%) - East Irish Sea blocks 109/5 and 112/30 (UK Offshore) The existing 2D seismic database was reprocessed and amplitude variations with offset (AVO) work undertaken to attempt to de-risk the presence of gas in the large structural closure. Amplitude anomalies in the anticipated reservoir sequence did not result in an AVO anomaly. Following this result, it was decided to allow the licence to lapse in 2009 without entering into a drilling commitment. Romania EIII-4 Bacau Concession (19%) - Lilieci Discovery Lilieci-1 reached a total depth of 2,958m in December 2008 encountering a number of gas-bearing sands. Three zones were tested at an aggregate flowrate of 4.6mmscfpd (800 boepd) in February. The Bacau group undertook a further test of extended duration in April-May 2009. The test flowed gas at 2mmscfpd, but demonstrated linear pressure decline during the flow periods. Our assessment is that the well is in contact with a limited volume of gas. The well was drilled as part of an agreement with the operator whereby Europa's costs were carried and we had an option to back-in to the well after testing, on payment of the carried costs plus a premium. Following the results of the extended test, we elected not to participate in any development of the discovery on commercial grounds. The consequence of this is that Europa foregoes its 19% working interest in the Lilieci discovery but retains its interest in the remainder of the block, covering some 1,250km2 and including oil plays in the thrust belt in the western part of the licence. This area remains under explored and is likely to benefit from further seismic investigation in 2010. Work continues on maturing the prospectivity of the Bacau licence. A four-year extension has been secured which will allow work to progress on developing prospects in the western, thrustbelt, area of the block. In addition, it is expected that partner Romgaz will acquire seismic in late 2009 over the southern part of the licence. EIII-1 Brodina Concession (28.75%) - Voitinel Prospect The high potential Voitinel Prospect was spudded in August 2009. The well targeted the sub-thrust Badenian sandstones which produce in the Lopushnya Field to the north. Disappointingly, the primary target sandstones were dry. Several shallower sandstones had gas shows and the deepest of these flowed on test at a rate of 1.6 mmscfpd with a flowing pressure of 55 bar. The forward plan is to perforate additional zones and undertake multi-rate tests during late October and we will report the full results in due course. The Voitinel-1 well was scheduled to take 52 days to reach total depth (TD) but actually reached TD in under 30 days. The savings achieved have allowed the Group to bring forward the UK production enhancement programmes. EPI-3 Brates Concession (20%) - Barchiz and Deep Tazlaul Mare Prospectivity Equity interest in the concession was previously split differently between Eastern and Western parts. During the year Europa agreed to reduce overall interest in the combined Brates block to 20%. Specialised seismic processing of seismic data acquired in 2008 over the complex thrust belt area has demonstrated some remarkable improvement in imaging, notably in the Tazlaul Mare area. Structural modeling has postulated that a thrusted sequence of prospective Oligocene sediments must underpin the Tazlaul Mare structure, where a gas condensate field has been developed in the shallower section. On conventional seismic data, it is not possible to see any of the detailed structure of the deep Tazlaul Mare area, but trials of the new processing clearly demonstrates highly promising structural rollover with size in the 50-100mmbo prospective resources range. Further lines will be processed using this technique in order to mature this lead for drilling. Elsewhere on the concession, the Barchiz Prospect, situated on the same structural trend as the 50mmbo Geamana Oilfield, is anticipated to be drilled in 2010. EIII-3 Cuejdiu Concession (17.5%) - Boistea Gas Discovery The Boistea-1 well tested gas at modest rates from Sarmatian sands after suffering formation damage during testing. It is clear from the flow rates at Lilieci-1, where reservoir quality and pressure are similar, that un-damaged formation at Boistea should flow at significantly higher rates than the original test. It is therefore possible that a reservoir frac treatment, coupled with a long-term test, could generate a viable commercial development for Boistea. France Europa holds two licences in the Aquitaine Basin. Tarbes Val d'Adour (100%) In Tarbes Val d'Adour, effort is focused on the potential re-development of the Osmets Oilfield. This field was shut-in by Total during a time of very low oil price in the mid 80's. Europa has reprocessed a large amount of seismic, including 600km of 2D data in the vicinity of the Osmets play and is working with BRGM, the French Geological Survey, to undertake a regional geological study. With the early production data now received from Total, Europa intends to re-interpret the area with the expertise of BRGM, with the aim of finding a suitable well location in 2010 to re-develop the Osmets Oilfield. Béarn des Gaves (100%) In the Béarn des Gaves permit, there are a number of wells that have showed gas, including the deep Berenx-1 well, which encountered high pressure gas in the same reservoir as the 5TCF Lacq gasfield. In the western part of the licence, several shallow wells drilled in the early part of the 20th century flowed oil and gas. This western part of the licence is therefore the primary focus for exploration. Poland An early stage investment for Europa was in the North Carpathian area of Poland, home to a number of oil and gas fields in similar settings to the Company's Romanian acreage. As a result of this initial working interest in Blocks 434, 435, 454 and 455 in southern Poland, Europa acquired a 2.5% overriding royalty interest in any oil and gas production. The current operator RWE Dea, the E&P arm of the German utility, has recently drilled several wells in the licence areas and plans to drill a number of appraisal wells to the Pola-1 oil discovery starting in November 2009. In advance of any production from these Blocks, the Company is in the process of clarifying the legal status of the royalty. Egypt Europa, along with its partner Solaris Energy plc, has identified several structural leads each with reserves potential of 15 - 35mmbo recoverable in the Sukhna area of the concession. Sukhna is a coastal plain where the Gulf of Suez (GOS) rift comes onshore and its proven petroleum system is indicated to extend into the area of these mapped leads. The GOS, despite its small overall size, is an extraordinarily prolific petroleum system, having produced over 5 billion barrels to date. Although Europa has made significant progress with the existing seismic data, we have been unable to reprocess as planned due to degradation of the original tape records. We have therefore decided to progress directly to seismic acquisition with the objective of firming up drillable targets. The cost of the survey, detailed in the winning tender, will for the most part be covered by the existing letter of guarantee that Europa provided in favour of Egyptian General Petroleum Corporation (EGPC). In June EGPC granted Europa a six month extension on the first phase of the West Darag concession in order to permit the acquisition of approximately 350km of 2D seismic data prior to making the decision to enter into Phase 2. The preferred contractor for this new seismic acquisition has indicated its availability to undertake the survey starting in October. Western Sahara Europa holds two large exploration permits, Bir Lehlou and Hagounia in Western Sahara licensed by the Saharawi Arab Democratic Republic. Due to the ongoing dispute over sovereignty between the indigenous Saharawi people and the Moroccan state, the licences are effectively in force majeure until such time as a resolution is reached. Bir Lehlou (100%) The Bir Lehlou permit is located in southwest of the Tindouf Basin. This is a sub-set of the large Palaeozoic basin which once covered North Africa and shares a common history with the Sirte and Murzuq Basins in Libya, along with the Ghadammes and Reggane Basins in Algeria. While these analogous basins have world-class volumes of proven hydrocarbons, the Tindouf is almost totally unexplored. This is primarily a function of it remote location and the fact that the basin is thought to be over mature for oil but remains gas bearing in the southern portion, where the Bir Lehlou permit is located. The basin is estimated to contain over 8000 metres of sediment and if found to be hydrocarbon bearing could be equally as prolific as the Libyian and Algerian Basins. Hagounia (100%) The Hagounia permit lies in the El Aaiun Basin in the coastal region of Western Sahara in a setting similar to other West African coastal margin basins, such as Mauritania. The basin formed as an extensional rift system during the Late Triassic to Lower Jurassic, followed by subsidence and renewed rifting during the Cretaceous period. Source rocks which were deposited in the basin during the Jurassic are now mature for oil and overlain by Cretaceous clastics and further organic-rich marine shales. Triassic age organic-rich shales may also provide a second deeper petroleum system. Although there has been little exploration in the El Aaiun, gas shows have been recorded in Triassic through Tertiary age sediments. Oil shows were present in one well in Jurassic age sediments and the Cap Juby Field, which lies on trend in Morocco, produced heavy oil on test at a rate of 2,400 bopd from Jurassic carbonates. Ukraine A letter of intent was signed between the company and a Swedish-listed oil and gas company in anticipation of an outright sale of the Ukraine assets. Progress has been slow due to the legal process in Ukraine but we move towards completion. Paul Barrett Managing Director Financial review Results for the year Group revenue for the year was £2,936,000 (2008: £4,418,000). UK oil revenues during the year ended 31 July 2009 were 77,743 barrels or 213 bopd (2008: 88,710 barrels or 242 bopd). Crosby Warren production was down by 7,931 barrels or 22 bopd due to technical problems with the CW2 well. Approximately 2,000 barrels of West Firsby production was delayed as a result of reduced production following the fire on 22 June 2009. The selling price for Europa's UK production is contracted at a small discount to Brent crude price. Average price achieved in the year to 31 July 2009 was $62.30 per barrel (2008: $99.45). A stronger US Dollar in the year to 31 July 2009 meant that some of the reduced Dollar revenue was recovered as the sales were translated to Sterling at an average rate of $1.6533 (2008: $2.0050). The Crosby Warren field sells a very small quantity of gas to the nearby Corus steelworks. Cost of sales increased due to site maintenance and higher chemicals costs. For the calculation of the depletion charge included in cost of sales, the Group adopted the findings of the reserves report issued by Energy Resource Consultants Limited dated 23 November 2008. The intangible asset associated with the East Irish Sea exploration was written off in the year. Administrative expenses increased as a result of a charge in respect of stock options granted to two directors in the previous year. Finance income and finance costs were both affected by exchange fluctuations. The cost of an out-of-the-money interest rate swap with current fair value of £ 40,000 was recognised. The results for 2009 show a profit before taxation of £423,000 (2008: £ 2,054,000). Taxation The total tax charge (current and deferred) for the year was £356,000 (2008: £ 1,609,000). All of the charge relates to UK activities where the 20% Supplemental Charge applies to producing fields. The Field Allowance incentive announced by HMRC in April 2009, will exempt future UK onshore discoveries from the Supplemental Charge. Profit after tax The results for 2009 show a profit from continuing activities after taxation of £67,000 (2008: £445,000). Discontinued operations As announced in 2008, Europa has entered into discussions with a Swedish oil and gas company to divest the Group's remaining assets in Ukraine. The assets were substantially written down in 2007 and are presented as a discontinued activity, with a full provision. Cashflow Net cash inflow from operating activities was £1,411,000 (2008: £2,942,000). Net cash used in investing activities was £1,121,000 (2008: £4,058,000). The net overdraft at the end of the year was £292,000 (2008: £1,019,000). Financial risk Europa's activities are subject to a range of financial risks including commodity prices, liquidity within the business and of counterparties, exchange rates and loss of operational equipment or wells. These risks are managed through ongoing review taking into account the operational, business and economic circumstances at that time. Commodity price and currency The Board has considered the use of financial instruments to hedge oil price and US Dollar exchange rate movements. To date, the Board has not hedged against price or exchange movements, but intends to regularly review this policy. Sales revenue is generated primarily in US Dollars and these funds are matched where possible against expenditures within the business. However, most capital and operating expenditures are Euro and Sterling denominated which results in a currency exposure. US Dollar receipts have been used to purchase Euros and Sterling. Liquidity Detailed cash forecasts are prepared frequently and reviewed by management and the Board. The Group's production provides a monthly inflow of cash and is the main source of working capital and project finance. Additional cash is available from a £1 million multi option facility and a £1 million term loan provided by Europa's bankers. The principal interest rate risk for the Group is the interest charge arising from utilisation of this facility. On 12 March 2008, with the bank facility fully utilised, short term funding was provided by the Sherborne Trust, a discretionary trust of which C W Ahlefeldt-Laurvig was a beneficiary. The Trust provided a £512,000 loan. On 2 April 2008 this loan was assigned to C W and Mrs M Ahlefeldt-Laurvig. The loan, plus £25,000 of accrued interest, was outstanding at 31 July 2008 but fully repaid in August 2008. On 1 December 2008 the share finance facility with Headstart terminated. Since the facility was put in place on 1 June 2006 three draw downs were made for a total £300,000 in exchange for the issue of new ordinary shares. On 31 May 2009, 300,000 warrants which were issued to the Headstart Group of Funds as part of the above financing arrangement expired. Exploration, drilling and operational risk The business of exploration and production of oil and gas involves a high degree of risk. Few properties that are explored are ultimately developed into producing oil and gas fields. Significant expenditure is required to establish the extent of oil and gas reserves through seismic surveys and drilling and there can be no certainty that oil and gas reserves will be found. The exploration and development of oil and gas assets may be curtailed, delayed or cancelled by unusual or unexpected geological formation pressures, oceanographic conditions, hazardous weather conditions or other factors. There are numerous risks inherent in drilling and operating wells, many of which are beyond the company's control. The Group's operations may be curtailed, delayed or cancelled as a result of environmental hazards, industrial accidents, occupational and health hazards, technical failures, shortage or delays in the delivery of rigs and/or other equipment, labour disputes and compliance with governmental requirements. Drilling may involve unprofitable efforts, not only with respect to dry wells, but also to wells which, though yielding some oil or gas, are not sufficiently productive to justify commercial development. Completion of a well does not assure a profit on the investment or recovery of drilling, completion and operating costs. Appropriate insurance cover is obtained annually for all of Europa's exploration, development and production activities. Accounting policies The Group has not made any material changes to its accounting policies in the year to 31 July 2009 Phil Greenhalgh Finance Director Consolidated income statement for the year ended 31 July 2009 2009 2008 `£000 £000` Continuing operations `Revenue 2,936 4,418` `Other cost of sales (1,694) (1,548)` `Exploration write-off (297) (1)` `Total cost of sales (1,991) (1,549)` -------- -------- `Gross profit 945 2,869` `Administrative expenses (498) (376)` `Finance income 224 12` `Finance costs (248) (451)` -------- -------- `Profit before taxation 423 2,054` `Taxation (356) (1,609)` -------- -------- `Profit for the year from continuing operations 67 445` -------- -------- Discontinued operations `Loss for the year from discontinued operations (47) (296)` -------- -------- Profit for the year attributable to `the equity shareholders of the parent 20 149` `======== ========` 2009 2008 `Pence Pence` `Earnings / (loss) per share (eps) per share per share` `Basic eps from continuing operations 0.11p 0.71p` `Basic eps from discontinued operations (0.08)p (0.47)p` `Basic eps from continuing and discontinued operations 0.03p 0.24p` `Diluted eps from continuing operations 0.11p 0.70p` `Diluted eps from discontinued operations (0.08)p (0.47)p` `Diluted eps from continuing and discontinued operations 0.03p 0.24p` Consolidated balance sheet as at 31 July 2009 2009 2008 `£000 £000` Assets Non-current assets `Intangible assets 7,473 7,241` `Property, plant and equipment 5,554 5,996` -------- -------- `Total non-current assets 13,027 13,237` -------- -------- Current Assets `Inventories 15 16` `Trade and other receivables 469 656` `Cash and cash equivalents 4 3` -------- -------- `Total current assets 488 675` -------- -------- `Total assets 13,515 13,912` `======== ========` Liabilities Current liabilities `Trade and other payables (900) (1,752)` `Current tax liabilities (588) (380)` `Fair value through profit or loss (40) -` `Short-term borrowings (767) (1,548)` -------- -------- `Total current liabilities (2,295) (3,680)` -------- -------- Non-current liabilities `Long-term borrowings (772) (302)` `Deferred tax liabilities (2,651) (2,701)` `Long-term provisions (1,137) (1,058)` -------- -------- `Total non-current liabilities (4,560) (4,061)` -------- -------- `Total liabilities (6,855) (7,741)` -------- -------- `Net assets 6,660 6,171` `======== ========` Capital and reserves attributable to equity holders of the parent `Share capital 626 626` `Share premium account 4,692 4,692` `Merger reserve 2,868 2,868` `Forex reserve 352 (21)` `Retained earnings (1,878) (1,994)` -------- -------- `Total equity 6,660 6,171` `======== ========` Consolidated statement of changes in equity for the year ended 31 July 2009 Attributable to the equity holders of the parent `Share Share Merger Forex Retained Total` `capital premium reserve reserve earnings equity` `£000 £000 £000 £000 £000 £000` `Balance at 1 August 2007 620 4,597 2,868 5 (2,140) 5,950` Exchange difference on translation `of foreign operations - - - (26) - (26)` `Profit for the year - - - - 149 149` ------- ------- ------- ------- ------- ------- Total recognised income `and expense for the year - - - (26) 149 123` `Share based payment - - - - (3) (3)` `Issue of share capital 6 95 - - - 101` ------- ------- ------- ------- ------- ------- `Balance at 31 July 2008 626 4,692 2,868 (21) (1,994) 6,171` `======= ======= ======= ======= ======= =======` `Balance at 1 August 2008 626 4,692 2,868 (21) (1,994) 6,171` Exchange difference on translation `of foreign operations - - - 373 - 373` `Profit for the year - - - - 20 20` ------- ------- ------- ------- ------- ------- Total recognised income `and expense for the year - - - 373 20 393` `Share based payment - - - - 96 96` ------- ------- ------- ------- ------- ------- `Balance at 31 July 2009 626 4,692 2,868 352 (1,878) 6,660` `======= ======= ======= ======= ======= =======` Consolidated cash flow statement for the year ended 31 July 2009 2009 2008 `£000 £000` Cash flows from operating activities `Profit after taxation from continuing operations 67 445` Adjustments for: `Share based payments 96 (3)` `Depreciation 576 590` `Exploration write-off 297 1` `Loss on sale of non-current assets - 2` `Finance income (224) (12)` `Finance expense 248 451` `Taxation expense 356 1,609` `Decrease in trade and other receivables 187 351` `Decrease in inventories 1 20` `Increase / (decrease) in trade and other payables 34 (190)` -------- -------- `Cash generated from continuing operations 1,638 3,264` `Loss after taxation from discontinued operations (47) (296)` Adjustment for: `Depreciation including exploration and write offs - 296` -------- -------- `Cash used in discontinued operations (47) -` `Income taxes paid (180) (322)` -------- -------- `Net cash from operating activities 1,411 2,942` -------- -------- Cash flows used in investing activities `Purchase of property, plant and equipment (191) (1,438)` `Purchase of intangible assets (930) (3,655)` `Proceeds from sale of property, plant and equipment - 23` `Proceeds from sale of discontinued operations - 1,000` `Interest received - 12` -------- -------- `Net cash used in investing activities (1,121) (4,058)` -------- -------- Cash flows from financing activities `Proceeds from issue of share capital - 100` `Underwriting fee - (5)` `Proceeds from long-term borrowings 1,000 496` `Repayment of borrowings (585) (452)` `Interest paid (138) (144)` -------- -------- `Net cash from / (used in) financing activities 277 (5)` -------- -------- `Net increase /(decrease) in cash and cash equivalents 567 (1,121)` `Exchange gain / (loss) on cash and cash equivalents 160 (47)` `Cash and cash equivalents at beginning of year (1,019) 149` -------- -------- `Cash and cash equivalents at end of year (292) (1,019)` `======== ========` Notes 1. The financial information here presented is extracted from the audited accounts of the Group for the 12 months to 31 July 2009. 2. Basic earnings per share is calculated based on an average number of shares in issue of 62,563,730 (2008: 62,401,492). 3. Diluted earnings per share includes the effect of stock options and uses an average number of shares of 62,563,730 (2008: 63,180,482). 4. The accounts were approved by the Board on 19 October 2009. They will be posted to shareholders next week and available on the company website www.europaoil.com later today. END More
24-09-09	Europa Oil & Gas (Holdings) PLC - Drilling plans update	PRN
Update on Hykeham-1 drilling The Directors of Europa Oil & Gas (Holdings) plc are pleased to provide an update on the drilling plans for the main section of the Hykeham-1 exploration well, located in the PEDL150 licence in Lincolnshire. Europa has signed a contract agreement with British Drilling and Freezing (BDF) for Rig 28 to drill the main section of Hykeham-1. It is anticipated that the well will commence drilling in late 2009 after the rig's next drilling campaign. Hykeham is a well-defined prospect with clear four-way dip closure and a common spillpoint with the Whisby Oilfield, 1.5km to the northwest. The nearby Caledonian Farm well encountered good oil shows in a 10m thick channel sandstone reservoir, significantly thicker than that seen in the Whisby Oilfield. The target is at a depth of c.1000m and the well is anticipated to take 15-20 days to drill. The well is targeting 10 million barrels of oil in place and is given an in-house risk assessment of a 1 in 3 chance of success. Europa holds a 75% interest in the PEDL 150 licence, which also includes the West Whisby Prospect. Paul Barrett, Managing director of Europa, said `We are very excited about drilling this well and regard it as having a very good chance of containing commercial hydrocarbons If successful, this well will double our reserves base and can be in production and generating revenue in a very short time.' For further information, please contact: Paul Barrett Europa Oil & Gas +44 1235 553 266 Jonathan Wright Seymour Pierce +44 20 7107 8000 The technical information and opinions contained in this announcement have been reviewed by Dr. Erika Syba, Europa's Operations Director, who has 25 years of experience in the oil exploration and production industry. She has consented to the inclusion herein of such technical information and opinions. END More
22-09-09	STOCKS NEWS UK-Europa, Aurelian fall on dry well	AFX UK Focus
`STOCKS NEWS Reuters Results diary` `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `11:29GMT 22Sept2009-Europa, Aurelian fall on dry well` ----------------------------------------------------- `Europa Oil and Gas falls 30.5 percent and Aurelian Oil and Gas drops 31 percent after they fail to find hydrocarbons in the main test drilling at their Voitinel-1 well in Romania, although gas is found in a shallower secondary target.` `"This was a high risk play and the primary objective was dry," says Seymour Pierce analyst Alan Sinclair, who has a "buy" recommendation on Europa.` `"Whilst Voitinel has not delivered its company-making potential, the play may yet yield a commercial development and Europa has an extensive portfolio of other plays yet to be drilled."` `For more, click on` Reuters messaging rm://paul.sandle.reuters.com@reuters.net `11:05GMT 22Sept2009-UK small caps gain 0.1 percent midday` --------------------------------------------------------- `The FTSE Small Cap index gains 0.1 percent in midday trade, underperforming both the blue chips and the midcaps, which add 0.9 percent and 0.5 percent, respectively.` `CVS climbs 13.7 percent after the veterinary services company posts a 72 percent rise in full-year operating profit, aided by growth across all its three operating divisions, and says it is confident of its future.` `Highland Gold Mining rises 7.2 percent after the company posts a 70 percent rise in first-half net profit, which prompts Cazenove to upgrade its rating for the stock to "in-line" from "underperform" and raise its earnings estimates.` Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net `10:42GMT 22Sept2009-Euromoney buoyed by UBS upgrade` --------------------------------------------------- `Shares in Euromoney Institutional Investor take on 5.8 percent as UBS ups its rating for the magazines and exhibitions group to "buy" from "neutral" with an increased target price of 500 pence, up from 230 pence.` `UBS says, in a notes that Euromoney's "revenue momentum may now be past a trough and that investor focus will soon return to the long-term fundamental valuation."` `The broker raises its full-year 2009 revenue forecast for Euromoney to show a drop of 15 percent, from a drop of 20 percent previously, and now forecasts a drop of 6 percent for full-year 2010 revenue, from a previous forecast of a 12 percent fall.` "We see further upside to forecasts should revenue momentum improve faster than expected next year and should cost savings efficiencies beat expectations/guidance," UBS adds. Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `10:32GMT 22Sept2009-Chime shares up on Essentially buy` ------------------------------------------------------ `Shares in marketing services group Chime Communications Plc rise 3.4 percent after it agrees to buy Essentially Group Ltd in an all-share deal, valuing it about 18.2 million pounds based on Monday's closing price, to boost its sports-marketing business. Essentially shares rise 1.7 percent.` `"We estimate this (deal) would add about 3.5 million pounds to pretax profit," analyst Adrian Kearsey of Evolution Securities says in a note.` `"All in all (once properly digested) this deal should please the market and help the shares continue to outperform the peers," Kearsey, who has a "buy" help the shares continue to outperform the peers," Kearsey, who has a "buy" rating on the stock, says.` `For more please click on` Reuters messaging rm://purwa.naveen.reuters.com@reuters.net `10:29GMT 22Sept2009-Bglobal up; Ambrian starts as "buy"` ------------------------------------------------------- `Shares in Bglobal climb 4 percent as Ambrian initiates coverage on the provider of smart meters with a "buy" rating and 65 pence target price, citing the potential impact from UK government measures to combat CO2 emissions.` `The broker says demand for Bglobal's smart meter will inrease due to a government mandate which requires "profile class (PC) 5-8 energy users" -- around 200,000 businesses -- to install smart meters before 2014.` `The government also recently set a target for all homes in the UK to have a smart meter installed by 2020, which the broker says "opens up the untapped residential profile class".` `Ambrian says Bglobal is the market leader in this "mega-theme" and expects the company's order book will increase its market share in PC 5-8 to 60 percent by 2011.` `The Department of Energy and Climate Change believes that smart meters will be required to avoid emission penalties.` Reuters Messaging rm://david.brett.reuters.com@reuters.net `10:24GMT 22Sep2009-Findel falls on poor education sales` ------------------------------------------------------- `Shares in Findel Plc fall 3.4 percent after the home shopping and education supplies firm says like-for-like sales for the first 23 weeks of the year decrease 5 percent.` `Numis Securities analyst Nick Coulter says trading at the company's home shopping division -- down 3 percent to 4 percent -- is as expected, but its education division is disappointingly 10 percent to 12 percent adrift.` "With some schools delaying purchases, the trend may yet improve, however with public sector cuts increasingly coming to the political fore, the outlook will remain challenging in the near to medium term," says Coulter, who downgrades Findel to "hold" from "buy", but keeps his price target of 40 pence. `For more click on` Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net `09:45GMT 22Sept2009-CVS up on strong results, outlook` ------------------------------------------------------ `Shares in CVS Group Plc rise 13.7 percent after the veterinary services company posts a 72 percent rise in full-year operating profit, aided by growth across all its three operating divisions, and says it is confident of its future.` "We argue that three key features of the CVS model are highly attractive -- making acquisitions at multiples well below its own, increased scale driving enhanced gross margins from improved supply terms, and head office leverage as the overall business grows," says analyst James Wheatcroft of Evolution Securities. `For more details please click on` Reuters messaging rm://tresa.sherin.reuters.com@reuters.net `09:06GMT 22Sep2009-Highland Gold rises after results` ---------------------------------------------------- `Shares in Highland Gold Mining gain 5.2 percent after the company posted a 70 percent rise in first-half net profit, which prompts Cazenove to upgrade its rating to "inline" from "underperform" and raise its earnings estimates.` `The broker, which describes the results as "solid", increases its EPS estimates for 2009 and 2010 by 75 percent and 17 percent respectively, adding "HGM remains a cheap, leveraged high risk gold play".` `Cazenove expects the re-rating of the shares -- up 102 percent in the year to date -- to continue "as the market has increasing confidence in the company's earnings growth and assign(s) a higher probability weighting to its development projects."` `For more double click on` Reuters Messaging rm://david.brett.reuters.com@reuters.net COPYRIGHT Copyright Thomson Reuters 2009. 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22-09-09	STOCKS NEWS UK-Chime shares up on Essentially buy	AFX UK Focus
`STOCKS NEWS Reuters Results diary` `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `10:32GMT 22Sept2009-Chime shares up on Essentially buy` ------------------------------------------------------ `Shares in marketing services group Chime Communications Plc rise 3.4 percent after it agrees to buy Essentially Group Ltd in an all-share deal, valuing it about 18.2 million pounds based on Monday's closing price, to boost its sports-marketing business. Essentially shares rise 1.7 percent.` `"We estimate this (deal) would add about 3.5 million pounds to pretax profit," analyst Adrian Kearsey of Evolution Securities says in a note.` `"All in all (once properly digested) this deal should please the market and help the shares continue to outperform the peers," Kearsey, who has a "buy" rating on the stock, says.` `For more please click on` Reuters messaging rm://purwa.naveen.reuters.com@reuters.net `10:24GMT 22Sep2009-Findel falls on poor education sales` ------------------------------------------------------- `Shares in Findel Plc fall 3.4 percent after the home shopping and education supplies firm says like-for-like sales for the first 23 weeks of the year decrease 5 percent.` `Numis Securities analyst Nick Coulter says trading at the company's home shopping division -- down 3 percent to 4 percent -- is as expected, but its education division is disappointingly 10 percent to 12 percent adrift.` "With some schools delaying purchases, the trend may yet improve, however with public sector cuts increasingly coming to the political fore, the outlook will remain challenging in the near to medium term," says Coulter, who downgrades Findel to "hold" from "buy", but keeps his price target of 40 pence. `For more click on` Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net `09:45GMT 22Sept2009-CVS up on strong results, outlook` ------------------------------------------------------ `Shares in CVS Group Plc rise 13.7 percent after the veterinary services company posts a 72 percent rise in full-year operating profit, aided by growth across all its three operating divisions, and says it is confident of its future.` "We argue that three key features of the CVS model are highly attractive -- making acquisitions at multiples well below its own, increased scale driving enhanced gross margins from improved supply terms, and head office leverage as the overall business grows," says analyst James Wheatcroft of Evolution Securities. `For more details please click on` Reuters messaging rm://tresa.sherin.reuters.com@reuters.net `09:06GMT 22Sep2009-Highland Gold rises after results` ---------------------------------------------------- `Shares in Highland Gold Mining gain 5.2 percent after the company posted a 70 percent rise in first-half net profit, which prompts Cazenove to upgrade its rating to "inline" from "underperform" and raise its earnings estimates.` `The broker, which describes the results as "solid", increases its EPS estimates for 2009 and 2010 by 75 percent and 17 percent respectively, adding "HGM remains a cheap, leveraged high risk gold play".` `Cazenove expects the re-rating of the shares -- up 102 percent in the year to date -- to continue "as the market has increasing confidence in the company's earnings growth and assign(s) a higher probability weighting to its development projects."` `For more double click on` Reuters Messaging rm://david.brett.reuters.com@reuters.net `09:01GMT 22Sep2009-Severn Trent falls on rights issue fears` ----------------------------------------------------------- `Shares in Severn Trent shed 2.3 percent as investors fret over the possibiliy of a rights issue from the water company as highlighted in a downgrade by Evolution Securities on Monday.` `Cutting its rating to "add" from "buy", Evolution said in a note that Severn Trent's current debt rating requires adjusted interest cover of 1.6-1.8 times.` `However it notes regulator Ofwat's draft determination for allowed water sector price increases for 2011-2015 would drop Severn Trent's interest cover to 1.3 times, meaning that the firm would likely require a rights issue.` `The broker said that although Ofwat's final price determination is not due until November, there is a possibility that Severn Trent could launch a cash call ahead of that, and even with a rights issue, Evolution estimates that a dividend cut would still also be required.` `Other UK water companies also suffer from worries over likely sector cash calls, with defensive issues also cold-shouldered once again as investors' risk appetite reappears.` `United Utilities is the top FTSE 100 faller, down 2.5 percent, while Scottish & Southern Energy lose 0.5 percent, mid cap Pennon Group falls 0.2 percent, and Northumbrian Water drops 1.8 percent, in an othewise broadly firmer market.` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `08:30GMT 22Sep2009-Booker up; Investec bullish` ---------------------------------------------- `Shares in Booker rise 1.8 percent as Investec Securities repeats its "buy" rating on the British cash and carry retailer after a recent trading update, with a target price of 45 pence, while upgrading its earnings estimates.` `"The strategy is delivering good momentum in revenue and profit and there is potentially more to come as the group looks to build further on its delivered business and it explores overseas opportunities," says the broker in a note.` `Investec raises its 2010 EPS estimate for Booker to 2.9 pence from 2.71 pence, while upping its 2011 and 2012 earnings forecasts by 7.1 and 2.4 percent respectively.` Reuters Messaging rm://david.brett.reuters.com@reuters.net `08:25GMT 22Sep2009-Shire higher; Jefferies upgrades` ----------------------------------------------------- `Shares in Shire add 2.4 percent to 1095 pence, outperforming the FTSE 100 index and its blue chip pharma peers as Jefferies ups its rating to "hold" from "underperform" with an increased target price of 1,050 pence, up from 770.` `The broker says in a note that in the year-to-date, Shire shares have underperformed the UK market by 10-15 percent, though they have recently outpaced the healthcare sector on the setback to competitor Genzyme and M&A speculation.` `Jefferies raises its EPS forecasts for Shire by 3-5 percent for 2010 onwards, mostly on the back of increases to forecasts for the firm's Vyvanse and Intuniv drugs.` `The broker says that fundamentally it still believes Shire is overvalued at current levels, trading around 20 percent above its 900 pence net present value sum-of-the-parts estimates.` `However, Jefferies adds, given an upcoming earnings acceleration, with an impressive 22 percent EPS compound average growth rate forecast for 2010-2013, it believes the stock will retain a premium rating relative to peers and the UK market.` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `07:54GMT 22Sep2009-Oxford Bio update spooks investors` ----------------------------------------------------- `Shares in Oxford Biomedica fall as much as 12 percent after investors are spooked by a clinical update which reiterates the results of a late-stage trial where the company missed its key goal.` `"This is a classic case of the market reading the headline and not understanding the real implication of the detailed data," says Ian Wainwright, Managing Director of Life Sciences Specialist Sales at Canaccord Adams.` `He points to the positive news in the announcement, which in fact shows that the drug may still help a subset of patients.` `"I'd say the sub group analysis in the trial is actually quite positive," adds Paul Cuddon, analyst at KBC Peel Hunt, reiterating his "buy" stance.` `To see the full article please click on` Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net `07:50GMT 22Sep2009-Carnival higher; ML adds to Europe 1` ------------------------------------------------------- `Shares in Carnival Corp. gain 2.8 percent, outperforming a 1.0 percent by the FTSE 100 index as Banc of America-Merrill Lynch adds the stock to its Europe 1 list.` `The broker says its Europe 1 list represents a collection of stock recommendations from its research analysts and is designed to offer investors access to some of its best research ideas.` `Merrill Lynch notes that, for the month ended August 28, the Europe 1 index increased in value by 5.2 percent, compared to an increase in value of 4.7 percent for the FTSEurofirst 300.` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `07:51GMT 22Sep2009--Aveva falls; Piper Jaffray downgrades` --------------------------------------------------------- Shares in Aveva shed 1.6 percent as Piper Jaffray cuts its recommendation on the engineering software group to "underweight" from "neutral" on valuation grounds. `The broker ups its target price for Aveva to 804 pence from 670 pence to reflect an earnings multiple more in line with its sector peers.` `"Aveva has had a strong run in recent weeks and our analysis suggests that there is nothing in the end market dynamics to justify that stock reaction," says the broker in a note.` `Piper Jaffray says Aveva trades on 21.2 times estimated 2010 earnings, a premium to the sector, despite the availability of finance for customer capital expenditure projects showing no real improvement and shipyard order intake remaining very low.` Reuters Messaging rm://david.brett.reuters.com@reuters.net `07:30GMT 22Sep2009-FTSE Small Caps up 0.1 pct at the open` --------------------------------------------------------- `The FTSE Small Caps index is 0.1 percent higher in early trade, taking its cue from, but underperforming the blue chips, which gain 0.7 percent and the mid caps, which add 0.4 percent.` `Minerva jumps 16.9 percent as the indebted London office developer says it has refinanced, extended or restructured loans totalling more than 750 million pounds, allaying fears it could fall victim to the persistent credit drought.` `Findel falls 5.9 percent after the British home shopping and education supplies firm says like-for-like sales from continuing operations for the first 23 weeks of the year fell 5 percent.` Reuters Messaging rm://david.brett.reuters.com@reuters.net `STOCKS NEWS Reuters Results diary` `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `11:29GMT 22Sept2009-Europa, Aurelian fall on dry well` ----------------------------------------------------- `Europa Oil and Gas falls 30.5 percent and Aurelian Oil and Gas drops 31 percent after they fail to find hydrocarbons in the main test drilling at their Voitinel-1 well in Romania, although gas is found in a shallower secondary target.` `"This was a high risk play and the primary objective was dry," says Seymour Pierce analyst Alan Sinclair, who has a "buy" recommendation on Europa.` `"Whilst Voitinel has not delivered its company-making potential, the play may yet yield a commercial development and Europa has an extensive portfolio of other plays yet to be drilled."` `For more, click on` Reuters messaging rm://paul.sandle.reuters.com@reuters.net `11:05GMT 22Sept2009-UK small caps gain 0.1 percent midday` --------------------------------------------------------- `The FTSE Small Cap index gains 0.1 percent in midday trade, underperforming both the blue chips and the midcaps, which add 0.9 percent and 0.5 percent, respectively.` `CVS climbs 13.7 percent after the veterinary services company posts a 72 percent rise in full-year operating profit, aided by growth across all its three operating divisions, and says it is confident of its future.` `Highland Gold Mining rises 7.2 percent after the company posts a 70 percent rise in first-half net profit, which prompts Cazenove to upgrade its rating for the stock to "in-line" from "underperform" and raise its earnings estimates.` Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net `10:42GMT 22Sept2009-Euromoney buoyed by UBS upgrade` --------------------------------------------------- `Shares in Euromoney Institutional Investor take on 5.8 percent as UBS ups its rating for the magazines and exhibitions group to "buy" from "neutral" with an increased target price of 500 pence, up from 230 pence.` `UBS says, in a notes that Euromoney's "revenue momentum may now be past a trough and that investor focus will soon return to the long-term fundamental valuation."` `The broker raises its full-year 2009 revenue forecast for Euromoney to show a drop of 15 percent, from a drop of 20 percent previously, and now forecasts a drop of 6 percent for full-year 2010 revenue, from a previous forecast of a 12 percent fall.` "We see further upside to forecasts should revenue momentum improve faster than expected next year and should cost savings efficiencies beat expectations/guidance," UBS adds. Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `10:32GMT 22Sept2009-Chime shares up on Essentially buy` ------------------------------------------------------ `Shares in marketing services group Chime Communications Plc rise 3.4 percent after it agrees to buy Essentially Group Ltd in an all-share deal, valuing it about 18.2 million pounds based on Monday's closing price, to boost its sports-marketing business. Essentially shares rise 1.7 percent.` `"We estimate this (deal) would add about 3.5 million pounds to pretax profit," analyst Adrian Kearsey of Evolution Securities says in a note.` `"All in all (once properly digested) this deal should please the market and help the shares continue to outperform the peers," Kearsey, who has a "buy" help the shares continue to outperform the peers," Kearsey, who has a "buy" rating on the stock, says.` `For more please click on` Reuters messaging rm://purwa.naveen.reuters.com@reuters.net `10:29GMT 22Sept2009-Bglobal up; Ambrian starts as "buy"` ------------------------------------------------------- `Shares in Bglobal climb 4 percent as Ambrian initiates coverage on the provider of smart meters with a "buy" rating and 65 pence target price, citing the potential impact from UK government measures to combat CO2 emissions.` `The broker says demand for Bglobal's smart meter will inrease due to a government mandate which requires "profile class (PC) 5-8 energy users" -- around 200,000 businesses -- to install smart meters before 2014.` `The government also recently set a target for all homes in the UK to have a smart meter installed by 2020, which the broker says "opens up the untapped residential profile class".` `Ambrian says Bglobal is the market leader in this "mega-theme" and expects the company's order book will increase its market share in PC 5-8 to 60 percent by 2011.` `The Department of Energy and Climate Change believes that smart meters will be required to avoid emission penalties.` Reuters Messaging rm://david.brett.reuters.com@reuters.net `10:24GMT 22Sep2009-Findel falls on poor education sales` ------------------------------------------------------- `Shares in Findel Plc fall 3.4 percent after the home shopping and education supplies firm says like-for-like sales for the first 23 weeks of the year decrease 5 percent.` `Numis Securities analyst Nick Coulter says trading at the company's home shopping division -- down 3 percent to 4 percent -- is as expected, but its education division is disappointingly 10 percent to 12 percent adrift.` "With some schools delaying purchases, the trend may yet improve, however with public sector cuts increasingly coming to the political fore, the outlook will remain challenging in the near to medium term," says Coulter, who downgrades Findel to "hold" from "buy", but keeps his price target of 40 pence. `For more click on` Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net `09:45GMT 22Sept2009-CVS up on strong results, outlook` ------------------------------------------------------ `Shares in CVS Group Plc rise 13.7 percent after the veterinary services company posts a 72 percent rise in full-year operating profit, aided by growth across all its three operating divisions, and says it is confident of its future.` "We argue that three key features of the CVS model are highly attractive -- making acquisitions at multiples well below its own, increased scale driving enhanced gross margins from improved supply terms, and head office leverage as the overall business grows," says analyst James Wheatcroft of Evolution Securities. `For more details please click on` Reuters messaging rm://tresa.sherin.reuters.com@reuters.net `09:06GMT 22Sep2009-Highland Gold rises after results` ---------------------------------------------------- `Shares in Highland Gold Mining gain 5.2 percent after the company posted a 70 percent rise in first-half net profit, which prompts Cazenove to upgrade its rating to "inline" from "underperform" and raise its earnings estimates.` `The broker, which describes the results as "solid", increases its EPS estimates for 2009 and 2010 by 75 percent and 17 percent respectively, adding "HGM remains a cheap, leveraged high risk gold play".` `Cazenove expects the re-rating of the shares -- up 102 percent in the year to date -- to continue "as the market has increasing confidence in the company's earnings growth and assign(s) a higher probability weighting to its development projects."` `For more double click on` Reuters Messaging rm://david.brett.reuters.com@reuters.net COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
22-09-09	BRIEF-Europa Oil and Gas - No hydrocarbons in Voitinel-1	AFX UK Focus
LONDON, Sept 22 (Reuters) - Europa Oil & Gas (Holdings) Plc: DESPITE ABSENCE OF HYDROCARBONS IN VOITINEL-1, PRESENCE OF GAS IS ENCOURAGING ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
22-09-09	Europa Oil & Gas (Holdings) PLC - Voitinel Update	PRN
Voitinel-1 to test gas sands The Directors of Europa Oil & Gas (Holdings) plc wish to provide an update on operations on the Voitinel-1 exploration well. The well reached a final TD of 2,076m ahead of schedule on 19th September 2009. The well failed to find hydrocarbons in the primary objective but encountered gas shows in several Sarmatian intervals. Log analysis of the Sarmatian sandstones indicates the potential for approximately 7m of gas pay in a gross interval between 1,650 and 1,675m. Consequently, the well will be completed and the rig released prior to mobilizing equipment to perforate and perform a flow-test over the interval 1,664 to 1,671m. Depending on the results of this flow test, there is a similar additional 29m gross interval at 1,400m that could be tested at a later date. Paul Barrett, Managing Director, said `Despite the absence of hydrocarbons in the Badenian, the presence of gas in the overlying sandstones is encouraging and we look forward to providing details of the test result from this interval in due course. In the meantime, we are working on a programme of increasing production and drilling Hykeham-1, which we will provide an update on shortly.' END More
16-09-09	Europa Oil & Gas (Holdings) PLC - Operations Update - East Midlands	PRN
Commencement of Production Enhancement Projects The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce the commencement of the production enhancement projects at both West Firsby and Crosby Warren Oilfields in the East Midlands, UK Onshore. It is expected that, upon completion of these programmes, production from the two sites will be increased to approximately 250-300 bopd, taking Europa's total production to potentially in excess of 350bopd. Europa has engaged Hull-based OSL Consulting Ltd. to design and modify the West Firsby site to handle the higher production volumes. OSL have recently initiated these improvements and have indicated a 10 week timescale for completion. In parallel with the site improvement work, the WF6 well is scheduled to be back on production in several weeks. In addition, the Crosby Warren Oilfield site has recently undergone a major site renovation. The site comprises two production wells, one of which (CW1) is currently being fitted with a larger beam pump which is expected to increase production volumes. Stratagen, specialist well stimulation consultants, have begun work on the CW2 well which has been shut-in since last year due to a combination of well completion configuration and low deliverability. The CW1 well reacted extremely well to a hydraulic frac treatment and upon finalizing the frac design by Stratagen, it is anticipated the CW2 well can be fracced in November. . Managing Director, Paul Barrett, said "We are determined to increase production and the recent placing of shares has allowed us to begin the production enhancements programmes earlier than scheduled. We are confident that this is a wise use of the placement funds, as these projects go straight to the bottom line with rapid payback. This will ensure that we can continue to drill wells, increase reserves and enhance shareholder value in 2010." For further information, please contact; Paul Barrett Europa Oil & Gas (Holdings) plc 01235 553 266 Jonathan Wright Seymour Pierce 0207 107 8050 The technical information and opinions contained in this announcement have been reviewed by Dr. Erika Syba, Europa's Operations Director, who has 25 years of experience in the oil exploration and production industry. She has consented to the inclusion herein of such technical information and opinions. www.europaoil.com END More
02-09-09	Europa Oil & Gas (Holdings) PLC - Announcement re: Placing	PRN
Europa Oil and Gas Holdings Plc `("Europa" or "the Company")` `£1.75 million Placing` The Company today announces that it has conditionally placed with new and existing shareholders 12,500,000 new ordinary shares ("Placing Shares") of 1p each ("Ordinary Shares") at a price of 14p per share thereby raising gross proceeds of £1.75 million (the "Placing"). The net proceeds will provide the Company with working capital for future growth and strengthen its balance sheet. The New Shares, which have been placed with new and existing investors, by Seymour Pierce Limted, will represent approximately 16.6 per cent. of the Company's Enlarged Share Capital. Reasons for the Placing Europa has several goals it wishes to achieve this year. These include: maintaining its full working interest in the Voitinel well in Romania (currently drilling), increasing production from the West Firsby Oilfield, drilling the Hykeham well (both onshore UK) and increasing the Company's market perception and liquidity of the shares. The placing of these shares should allow us to achieve these goals. Background to Europa Oil & Gas' current operations Europa is currently participating in the Voitinel exploration well, onshore Romania. This is a high impact well targeting approximately 200 millions of barrels of oil in place on a proven fairway in a prolific hydrocarbon basin. The well spudded on 21 August and is anticipated to take two months to reach final total depth. Europa spudded the Hykeham well in Lincolnshire, UK in January 2009. The well was drilled to approximately 100m and suspended for the duration of the bird breeding season at the adjacent Whisby Nature Park. The prospect is relatively low risk, with potential for 10 million of barrels of oil-in-place. The Company produces oil from its operations in the East Midlands Petroleum Basin, onshore UK, currently generating wellhead revenues of approximately $350,000 per month. This production, which is derived from 3 producing oilfields, is currently running at 170 bopd following a fire which damaged equipment at the West Firsby site and production is expected to be back to the full rate of 220 bopd shortly. Continuing upgrades at West Firsby and further work on the Crosby Warren wells are expected to increase production to over 350 bopd and success at Hykeham will push this to over 500bopd. Paul Barrett, Managing Director of Europa said, "The Directors have recognised for some time that the Company's Shares are held by relatively few investors and that there is a need to broaden the shareholder base. The issuing of new shares will go some way to remedying this with only modest dilution for existing shareholders. The Directors have subscribed to approximately 20% of the placing, demonstrating their firm belief in the quality of the assets. Notwithstanding the Company's existing production revenue stream, the cash injection will allow the Company to participate in key projects such as Voitinel at full working interest and move forward at a faster pace on the production growth in the UK" Issue of New Shares The Placing is conditional upon Admission of the Placing Shares to AIM. Application will be made to the London Stock Exchange for the New Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence 11 September 2009. The New Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shares, including the right to receive dividends and other distributions declared following Admission. Directors' participation in the Placing The table below shows the following Directors participation in, and their resulting holdings following, the Placing. `Name Number of Per Number of Number of shares Per cent. of` `Shares cent. of Placing following Enlarged Share` `issued shares completion of the Capital` `share Placing` `capital` `Erika Syba/Paul 16,832,929 26.91% 357,142 17,190,071 22.9%` Barrett* `Phil Greenhalgh 100,000 0.16% 150,000 250,000 0.33%` `Christian 23,252,442 37.17% 1,750,000 25,002,442 33.31%` Ahlefeldt-Laurvig PAUL BARRETT IS THE REGISTERED OWNER OF 6,537,758 ORDINARY SHARES AND ERIKA Syba is the registered owner of 7,623,732 ordinary shares. The number of shares held in SIPPs for Paul Barrett and Erika Syba total 2,671,439 Enquiries: `Europa Oil and Gas Plc +44 (0) 1235 553 266` Paul Barrett - Managing Director `Seymour Pierce Limited + 44 (0) 207 107 8000` Jonathan Wright Christopher Wren Seymour Pierce Limited, which is regulated by the Financial Services Authority and is a member of the London Stock Exchange, is acting as nominated adviser and broker exclusively for the Company in connection with the Placing. Its responsibilities as the Company's nominated adviser under the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company or to any Director or any other person in respect of his decision to acquire ordinary shares in the Company in reliance on any part of this announcement. No representation or warranty, express or implied, is made by Seymour Pierce Limited as to any of the contents of this announcement for which the Directors and the Company are responsible (without limiting the statutory rights of any person to whom this announcement is issued). Seymour Pierce Limited has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by Seymour Pierce Limited for the accuracy of information or opinions contained in this announcement or for the omission of any material information. Seymour Pierce Limited will not be offering advice and will not otherwise be responsible for providing customer protections to recipients of this announcement in respect of the Placing or any acquisition of shares in the Company. END More
24-08-09	Europa Oil & Gas (Holdings) PLC - Drilling Update	PRN
Voitinel-1 Spud The Directors of Europa Oil & Gas (Holdings) plc are pleased to announce the spudding of the Voitinel-1 well in Romania, details of which are to be found in Aurelian Oil & Gas' announcement today. Paul Barrett, Managing director, said `The long-awaited drilling of this significant prospect marks a key point in the development of Europa's portfolio and its results are eagerly anticipated'. For further information, please contact: Paul Barrett Europa 01235 553 266 or Jonathan Wright Seymour Pierce 020 7107 8050 END More

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