Explorer ‘on course’ to meet targets despite fall

British-based exploration firm Europa Oil and Gas — which has interests off the west coast of Ireland — expects to meet annual production targets this year, despite suffering a 4.5% year-on-year drop in first-half revenues and a near 4% decline in production.

The London-based explorer, which has interests in two highly-anticipated prospects in the south Porcupine Basin off the coast of Kerry, said yesterday it still expects to achieve full-year production levels of 165 barrels of oil equivalent per day in its current financial year, which runs to the end of July.

Via its latest trading update, Europa said that the six months to the end of January saw it suffer a slight dip in first-half revenue, from £2.2m (€2.64m) to £2.1m, with production dropping from 177 boepd to 170 boepd.