Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas

15 September 2025

Europa Oil & Gas (Holdings) plc

("Europa" or the "Company")

Interim Results

Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and West Africa focused oil and gas exploration, development and production company, announces its unaudited interim results for the eleven-month period ended 30 June 2025.

Financial Performance

•             Revenue £2.6 million (11 months to 30 June 2024: £3.2 million)

•             Gross profit £0.4 million (11 months to 30 June 2024: £0.2 million)

•             Pre-tax loss of £1.2 million (11 months to 30 June 2024: pre-tax loss £6.6 million)

•             Net cash used in operating activities £0.1 million (11 months to 30 June 2024: £0.4 million)

•             Cash balance at 30 June 2025: £0.9 million (31 July 2024: £1.5 million)

Operational Highlights

Equatorial Guinea

·    In Q4 2024, the Company, through its 42.9% stake in Antler Global ("Antler"), launched a farmout process for its EG-08 asset, which holds an internally estimated 2.2 TCF Pmean of gross prospective resources.

·    The EG-08 licence is highly prospective, with three drill-ready prospects which contain an estimated Mean Prospective resource of 1.48 TCF of gas equivalent. A further six leads and prospects contribute an estimated 0.72 TCF, bringing the total mean prospective resource to 2.2 TCF of gas equivalent. The chance of success is high (estimated at 80% for Barracuda), due to direct hydrocarbon indications on the seismic.

·    Post period end in August 2025, the Company announced that Antler had entered detailed commercial discussions and signed a non-binding Heads of Terms with a major energy company regarding the farm-out of an interest in the EG-08 production sharing contract (PSC). Although there are no guarantees that discussions will conclude successfully, Europa has made significant progress on the farmout agreement and is working towards signing in the coming months and drilling of the Barracuda well will commence as soon as possible thereafter.

Offshore Ireland

·    Europa holds a 100% interest in Licence FEL 4-19, which contains the Inishkea West gas prospect, with an estimated Pmean prospective resource of 1.5 TCF. The project offers strong economics, with an estimated post-tax NPV10 of US$2.0 billion. It also features an exceptionally low carbon intensity of 2.8 kg CO₂/boe, compared to 36 kg CO₂/boe for UK-imported gas in 2022.

·    The Company is actively seeking a farm-in partner to drill an exploration well on the prospect. Given its scale, low emissions, and robust economics, the Company believes that the prospect presents a highly attractive risk-reward opportunity for potential farminees.

·    Inishkea West is strategically located near the producing Corrib gas field, enabling potential use of existing infrastructure and offering low carbon-intensity gas-significantly lower than imported UK gas. Europa believes a successful discovery could potentially supply over two-thirds of Ireland's gas demand by 2030.

·    The Irish government has signalled concern over energy security, raising hopes for increased support for domestic gas development.

Onshore UK

·    Cloughton gas field appraisal

o  Progress on the Cloughton asset (Europa interest: 40%) has been steady during the year, with the planning application for the Cloughton appraisal well submitted to North Yorkshire Council in March 2025 and a planning decision expected in Q4 2025

o  Thirteen independent reports commissioned in support of the planning application confirm that the selected pad location is well-suited for this well and for potential development of the 137 BCF GIIP, pending confirmation of commercial flow rates from the appraisal well. Europa expects to shoot a seismic programme towards the end of 2025, with appraisal drilling anticipated in 2026.

o  Due to the field's high-quality natural gas and close proximity to the UK gas network, a successful appraisal well could be brought into production quickly, which would displace LNG imports and thus lowering global emissions.

o  Europa was pleased to launch a dedicated community engagement website on its Cloughton gas field appraisal project to provide local residents and stakeholders with information on the project and how the project partners intend to work with local communities. This site, which can be found at https://cloughton-community.co.uk/, is also intended to help prevent misinformation and address frequently asked questions about Europa's planned operations.

·    Total average net production of 114 bopd was produced from Europa's UK onshore fields during the 11-month period with Wressle contributing roughly 82% of this and the remainder coming from the two older fields. Lower production levels and the lower average oil price of US$73 (11 months to 30 June 2024 average was US$82) resulted in the reduction in revenues compared to the prior period

·    Wressle production

o  Gross production averaged 311 bopd throughout the period (11 months to 30 June 2024: 354 bopd), with Europa's net share equating to 93 bopd (11 months to 30 June 2024: 106 bopd)

·    The Wressle field development plan continues to be progressed. This includes a development well to target the Penistone Flags reservoir in 2026. The existing Wressle production is complemented by a gas monetisation solution that will be developed in parallel with the Penistone well. The gas monetisation solution is expected to enhance oil and gas production from the field and substantially increase revenues, as well as eliminate routine flaring. Planning consent was received for the project in September 2024, however North Lincolnshire Council's ("NLC") decision to grant planning permission was subsequently rescinded following a third-party challenge in light of the Finch Supreme Court judgement. The Wressle Joint Venture subsequently completed and submitted the newly required Scope 1, 2 and 3 (Category 11) greenhouse gas emissions assessments such that the planning application could be redetermined by NLC. The wells will be drilled at the earliest opportunity, once the necessary regulatory consents and approvals have been received.

·    In May 2025, Europa announced that it had entered into a Revenue Swap Agreement ("RSA") with a Canadian investment company. Under the terms of the RSA, Europa received an upfront payment of US$500,000 in exchange for 4.5% of the remaining gross revenues generated from oil production at the Wressle 1 well.

·    The Company is also looking at optimising production operations at its Crosby Warren site (Europa working interest: 100%), where the existing production could be significantly increased through a simple workover programme that is currently being considered.

·    Termination of the Whisby 4 net profits agreement

o  The royalty agreement (the "Agreement") related to the Whisby-4 well, held with BritNRG, the operator and licence holder of the Whisby Field, was terminated, as announced in December 2024. The Agreement had not recently generated income for Europa, and further investment would have been required to potentially restore it to a revenue-generating position. Due to the technical risks involved, the Company determined that its capital was better directed toward other assets within its portfolio.

o  The Agreement had already been fully written down in Europa's accounts, with a carrying value of nil. Following its termination, all associated liabilities have been written off by the parties, resulting in a net gain of £170,000 to the Company.

·    Administrative expenses for the period is £1.3 million, which is one of the lowest in its peer group where the average based on most recent annual financial statements is £2.35 million (adjusted to reflect the 11-month reporting period).

Board changes

·    Bo Krøll was appointed to the Board as Non-Executive Director on 12 December 2024 and was subsequently appointed Chairman on 11 February 2025

·    Alastair Stuart resigned from the Board on 12 December 2024 but continues to perform the role of Chief Operating Officer

·    Brian O'Cathain resigned from the Board on 11 February 2025

Change of accounting reference date

Last year, Europa announced a change to its accounting reference date from 31 July to 31 December. This change aligns the Company's financial reporting period with the calendar year and allows for enhanced comparability with peer companies in the oil and gas industry. It also aligns more closely with industry standard timeframes for project work programmes and budgets. As a result, Europa's next full annual report will be for the 17-month period ending 31 December 2025. In accordance with Rule 18 of the AIM Rules, therefore, the Company has prepared these unaudited results for the 11-months to 30 June 2025, with the comparative period re-presented to reflect the equivalent 11-month period to 30 June 2024.

Will Holland, CEO of Europa, said:

"The past 11 months have been a period of steady progress and strategic positioning across our portfolio. In Equatorial Guinea, we have advanced our EG-08 licence, launching a farmout process and entering into commercial discussions with a major energy company - clear recognition of the asset's scale and potential. In Ireland, our 100%-owned Inishkea West gas prospect continues to attract some interest, offering a compelling combination of scale, low emissions, and proximity to infrastructure.

In the UK, we have made important strides at Cloughton, submitting the planning application for appraisal drilling and engaging proactively with the local community. Meanwhile, at Wressle, we progressed the development plan and secured financing through a non-dilutive revenue swap agreement. Across our UK assets, we remain focused on steadily progressing our assets and managing capital with discipline, including the termination of the Whisby 4 agreement, which delivered a considerable balance sheet gain. We continue to be very cost conscious, which is reflected in the fact that Europa has one of the lowest G&A expenses of its peer group, whilst still offering excellent value upside to its shareholders from numerous potential catalysts across the asset portfolio.

With a reshaped board, progressing farmout discussions in Equatorial Guinea, and steady progress in the UK and Ireland, we remain well-positioned to deliver on our strategic objectives in the year ahead."

* * ENDS * * 

For further information, please visit www.europaoil.com or contact:

Chairman's Statement

When I joined the Board in December 2024, it was because I believed that the business had significant potential. Nine months on, this belief in Europa's prospects is still strong, and I am impressed by our team's technical expertise and dedication to developing our asset base. Against a backdrop of continued volatility in global energy markets and increasing emphasis on security of supply and low-carbon solutions, Europa has remained committed to advancing its portfolio of gas-led assets across the UK, Ireland, and Equatorial Guinea. We have taken decisive steps to position the Company for future growth, progressing our assets, maintaining capital discipline, and strengthening stakeholder engagement.

The last 11 months have been a period of steady progress for Europa. In March 2025, we submitted a planning application for the Cloughton appraisal well to North Yorkshire Council. The Cloughton appraisal well is highly prospective for Europa; thanks to the size of the discovered resource, the high-quality natural gas and proximity to the UK gas network, as such a successful appraisal well could be brought into production quickly. The community engagement programme in North Yorkshire regarding the Cloughton appraisal well has been vital in garnering support for our planned programme. On top of direct community engagement through townhalls and one-on-one meetings, we launched the Cloughton community website to provide local residents and stakeholders with information on the project, answering frequently asked questions and reducing misinformation. The site can be found at https://cloughton-community.co.uk/. Progress at Wressle continues, and in May 2025, we entered into a RSA with a Canadian investment company, in which we received an upfront payment of US$500,000 in exchange for 4.5% of the remaining gross revenues generated from oil production at the Wressle 1 well. This deal brings forward a modest part of future cash flow from the Wressle 1 well without diluting shareholder value or affecting our capacity to secure broader project financing and provided liquidity to the Company.

Post-period end, we were particularly pleased to announce that we have engaged in detailed commercial negotiations and executed a non-binding Heads of Terms with a leading energy company concerning the farm-out of an interest in the EG-08 asset in Equatorial Guinea. We remain confident that a formal farm-out agreement will be finalised in the coming months as EG-08 is a word-class asset, paving the way for the drilling of the Barracuda well to begin shortly thereafter, which will test the 878 BCFe prospect and carries an 80% COS.

In the period, we achieved revenue of £2.6 million (11 months to 30 June 2024: £3.2 million), driven primarily by Wressle's ongoing production. Compared to 31 December 2024, net unrestricted cash decreased only slightly to £0.9 million in the most recent six months of the financial period (unrestricted cash at 31 July 2024: £1.5 million), whilst the average realised oil price decreased by 11% to US$73 per barrel compared to the 11 months to 30 June 2024.

Our portfolio is underpinned by steady UK production, providing a stable base from which to pursue the considerable potential of our other assets. Each of our assets has a clear work programme ahead, offering meaningful opportunities to enhance shareholder value in the near term. I would like to thank the entire Europa team for their continued commitment and dedication over the period. We remain focused on maintaining transparent and timely communication with our shareholders and look forward to what we hope will be a highly active and impactful period for the Company.

Bo Krøll (Non-Executive Chairman)

12 September 2025

Operational Review

Financials

Average daily production for the 11-month period to 30 June 2025 was 114 boepd compared to 128 boepd during the 11-month period to 30 June 2024, predominantly due to the natural decline of the Wressle-1 well. This decrease in volume was compounded by a lower average realised oil price of US$73 (11 months to 30 June 2024: average realized oil price of US$82) and a weaker US dollar which traded at an average rate of US$1.30 to Sterling (11 months to 30 June 2024: average rate of US$1.26 to Sterling).

·    Revenue was £2.6 million (11 months to 30 June 2024: £3.2 million)

·    Net cash used in operating activities was £0.1 million (11 months to 30 June 2024: £0.4 million)

·    Net current assets was £1.0 million (31 July 2024: £1.4m)

·    The Group's unrestricted cash balance at 30 June 2025 was £0.9 million (31 July 2024: £1.5 million)

During the interim period the Company has focussed its financial activities on:

·    Maximising revenues

·    Reducing operating costs on our operated licences

·    Reducing administrative expenses which reduced to £1.3 million for the 11-month period to 30 June 2025 compared to £1.7 million for the 11-month period ending 30 June 2024. £1.3 million is nearly half of the pro rata average administrative expenses of our peer group.

·    Terminating the unprofitable Whisby 4 net profits agreement, which results in an accounting gain of £0.2 million

In October 2024, the Company paid the final cash consideration instalment of £0.3 million related to its investment in Antler Global Limited. Total consideration paid was £2.4 million. The money invested has funded the full exploration work programme on EG-08 for 2024, and according to the 2025 Antler budget and year-to-date activity we still expect that it will also be sufficient to fund the full 2025 work programme.

In May 2025 the Group received cash consideration of £370,000 ($500,000) in respect of a Revenue Swap Agreement (note 10) in return for an obligation to pay the counterparty 4.5% of gross revenues from the Wressle 1 well for a specified period of time.

The farmout of EG-08, further development of Wressle, progressing the Cloughton gas field appraisal well and the Inishkea farm-out are the Company's key strategic priorities, and we remain focused on accelerating progress across these assets. However, we are in a position to maintain flexibility around the timing of expenditures related to these strategic priorities and remain focused on aligning new investment commitments with our existing resources.

The Directors have concluded that there is a reasonable expectation that the Group will be able to continue in operational existence for the foreseeable future, which is deemed to be at least 12 months from the date of signing the consolidated financial information.  Further comments on going concern are included in note 1 to the financial statements below.

Conclusion and Outlook

Looking ahead, Europa is well positioned to make meaningful progress across its portfolio. In Equatorial Guinea, we are optimistic that the ongoing commercial discussions will culminate in a successful farm-out agreement, unlocking the pathway to drilling the Barracuda prospect in 2026. In offshore Ireland, we continue to market Inishkea West to potential partners, hopeful that the project's compelling technical qualities, strong economic case, strategic location, and low-carbon credentials will result in securing a partner to drill the prospect.

In the UK, the Cloughton appraisal project continues to move forward, with planning having been submitted and community engagement ongoing. At Wressle, the development programme is progressing, with preparations for new wells and a gas monetisation solution that will enhance production and eliminate routine flaring. In parallel with this, the Wressle site surface facilities have been upgraded to optimise current and future production efficiencies. We are also assessing opportunities to improve performance at existing sites such as Crosby Warren, while maintaining a disciplined approach to cost management and capital allocation.

Gas remains central to Europa's strategy. It is a transition fuel that offers a pragmatic pathway to energy security, emissions reduction, and economic resilience. Our focus remains on advancing assets that support these goals, while delivering value to shareholders in a responsible and sustainable manner. Europa will also continue to evaluate new opportunities, similar to the Equatorial Guinea asset, where we can apply our technical expertise to generate long-term growth.

Will Holland

CEO

12 September 2025