Europa Oil & Gas (Holdings) plc 2006 AGM. Timelines Established 1995 First well drilled 1999 First UK Production 2003 Floated on AIM 2004 First Romania production 2006 Focus on Europe and North Africa
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Europa Oil & Gas (Holdings) plc 2006 AGM
Timelines • Established 1995 • First well drilled 1999 • First UK Production 2003 • Floated on AIM 2004 • First Romania production 2006 • Focus on Europe and North Africa • Currently producing c.600 BOEPD (240 BOPD in the UK, 360 BOEPD (2 mmscf/d) in Romania/Ukraine • Anticipate up to 6 wells in 2007: • 2 in the UK • 4 in Romania (possibly as many as 5 if supported by technical work) Synopsis
Current Portfolio Europe and North Africa
Turnover £2.83 million, up 18% • Operating Profit £1.09 million, up 29% • Profit before tax £0.91 million, up 157% • Profit after tax on 2006 activity £0.51 million, up 43% • Provision for £1.08 million Deferred Tax which may come due in over one year’s time • Loss after total tax provision of £0.57 million Financial Results To 31 July 2006
Historic Performance and Projections Note: 2004 Accounts covered an 18 month period and figures have been rebased to 12 months.
Production Start-up at Bilca (Romania) • Acquired Crosby Warren Oilfield (UK Onshore) • Diversity of production streams allowed for first debt financing for Crosby Warren acquisition • Successful Licence Round Applications: • Egypt – West Darag Concession • Western Sahara – Bir Lehlou and Hagounia Concessions • France – Bearn des Gaves Concession • 3 Seismic surveys undertaken in Romania • Secured extension to EPI-3 Concession (Romania) 2006 Achievements
Drilling Programme • Romania • Arbore-1 Firm Exploration Q1 • Costisa-1Y Firm Appraisal Q1 • E Radauti-1 Firm Exploration Q1 • Boistea-1 Firm Exploration Q2 • Voitinel Contingent (S) Exploration Q2 • Siretu-1 Contingent (S) Exploration Q2 • UK • Holmwood-1 Contingent (P) Exploration H2 • PEDL150 Contingent (S) Exploration H2 • Seismic Programme • UK • PEDL150 Firm 50km 2D Feb (P) Planning Permission (S) Outcome of Seismic Evaluation 2007 Capital Programme
E W Bilca 2 Bilca 1 Bilca Play Exploration Plenty of potential NE Radauti Extending the Miocene AVO gas play Large area between Fratauti and Todiresti totally unexplored, 260km data acquired in 2006 – Initial results confirms Arbore and E Radauti Prospects for 2007 drilling. Area of 2006 Seismic Infill Arbore NE Codru Voitinel – up to 300 bcf gross potential Work in progress - Drilling ?2007
Bilca Play Exploration Boistea-1 well Extending the Miocene AVO gas play southwards Seismic anomalies developed in area to north of Roman (600bcf) Gasfield.
Costisa-1 Re-entry Testing a potential gas reservoir Costisa well encountered a 25 metre gas column, well to be tested early 2007 Delays have been due to access issues Costisa feature difficult to map Currently up to 100 bcf potential – will need new 3D for development
Weald Exploration High Quality Prospect – Holmwood-1 • Low risk exploration prospect 1:2 chance of success • Reserve size on prospect of 10 – 20mmbo gross. Combined net risked valuation of $28mm, unrisked $90mm • Holmwood ready to drill subject to planning permission
Whisby-4 well encountered new reservoir zone – Loxley edge Reservoir performance to date is very encouraging for large volumes in Loxley 2006 Seismic reprocessing developed 4 leads East Midlands Exploration PEDL150 Seismic programme planned for Q1/07 to choose well location
Near Term Revenue Potential Existing Production Assets Assumes $50/bbl, Romania gas price on ramp to $220/mcm
Crosby Warren Immediate Upside Realised
Summary • Ending 2006 with c.600 boepd production, • Rising to c.700 boepd in Q2 07. • Current Monthly wellhead revenues c.$560k per month. • Equates to £3.7 mm per annum, • Set to rise in the next 6 months. • £8 mm net assets and only £200k debt. • Strong Drilling programme to bring exploration into Appraisal • And Appraisal into development in 2007 • Portfolio contains: bankable production, Appraisal projects to increase reserves, low risk step-out exploration and Company-making exploration projects (up to 100 bcf net potential to be tested in 2007 alone).
Europa Oil & Gas (Holdings) plc 2006 AGM