Announcement • Jun 09
Europa Oil & Gas (Holdings) plc, Annual General Meeting, Jun 29, 2026 Europa Oil & Gas (Holdings) plc, Annual General Meeting, Jun 29, 2026. Location: the hellenic centre, 16 18 paddington street, w1u 5as, london United Kingdom Announcement • May 20
Europa Oil & Gas Holdings plc Receives Refusal For Cloughton Gas Appraisal Well Planning Application Europa Oil & Gas (Holdings) plc announced, further to its announcement of 27 April 2026, that it has been notified by North Yorkshire Council ("NYC") that the Local Planning Authority ("LPA") has now issued its decision to refuse planning permission for the Cloughton gas appraisal well. This refusal is despite the recommendation made by the NYC's own planning officers who, after rigorously analysing the planning application and the 13 independent experts whose separate reports all supported the application, advised the LPA to approve the application. New Risk • May 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£2.1m net loss in 2 years). Revenue is less than US$5m (UK£2.9m revenue, or US$3.9m). Market cap is less than US$100m (UK£20.1m market cap, or US$27.2m). Announcement • Apr 28
Europa Oil & Gas (Holdings) plc Receives North Yorkshire Council Planning Committee Decision on Cloughton Well Europa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, notes the decision of the North Yorkshire Council ("NYC") planning committee at its meeting on 24th April that it is minded not to approve the Company's plan for a well in Burniston on its Cloughton prospect, despite the positive recommendation from the Council's planning department that the operation should proceed. A final recommendation is pending a decision by the Secretary of State over the need for an environmental screening assessment to be carried out relating to the proposal, despite the Company having already opted to voluntarily complete and submit an environmental screening assessment as part of the planning application. The Company is disappointed with the committee's decision, which directly contradicts the NYC planning officers' endorsement of its plans for the well after an exhaustive review process, and Europa intends to appeal the decision once the final recommendation has been delivered. The Company is confident that on appeal the planning permission will be approved. Following implementation of the Wressle development, which was approved on appeal, the initial local opposition and concern has disappeared and the local community is now highly supportive. This clearly demonstrates how a well-run operation can be conducted without negatively impacting local amenity and how the community can realise a material benefit. planning application for the well at Burniston was underpinned by 13 expert reports and exhaustive preparatory work. It was also recommended by the council's own planning department. The company shall appeal the decision and remain of the view that the well can be safely and efficiently delivered and is in the best interests both of the local community and the country. New Risk • Apr 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£2.1m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Revenue is less than US$5m (UK£2.9m revenue, or US$3.8m). Market cap is less than US$100m (UK£16.1m market cap, or US$21.3m). Announcement • Mar 28
Europa Oil & Gas (Holdings) Plc Receives Extension For FEL 4/19 Licence from the Irish Government's Department of Climate, Energy and the Environment Europa Oil & Gas (Holdings) plc has received notification from the Irish Government's Department of Climate, Energy and the Environment that the Minister has given his consent to extend the Phase 1 of FEL 4/19 to 31 January 2028. The Company intends to use the extension to carry out further technical studies and allow more time to secure a partner to advance development of the licence. FEL 4/19 contains the large 1.5 TCF, low risk Inishkea West gas prospect which is a strategic asset that can potentially provide a reliable source of low emission energy for Ireland and play a key role in the transition to renewable green power. Given the proximity to existing infrastructure, a discovery at Inishkea West could be brought online quickly and would reduce Ireland's reliance on imported gas. Domestic gas from Inishkea West would have significantly lower carbon emissions than imported gas from the UK, Norway or further afield. New Risk • Mar 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£2.1m net loss in 2 years). Revenue is less than US$5m (UK£2.9m revenue, or US$3.8m). Market cap is less than US$100m (UK£19.7m market cap, or US$26.3m). Announcement • Dec 08
Europa Oil & Gas (Holdings) plc, Annual General Meeting, Dec 30, 2025 Europa Oil & Gas (Holdings) plc, Annual General Meeting, Dec 30, 2025. Location: the hellenic centre, 16 18 paddington street, w1u 5as, london United Kingdom New Risk • Dec 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£661k free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£2.1m net loss in 2 years). Revenue is less than US$5m (UK£2.9m revenue, or US$3.8m). Market cap is less than US$100m (UK£20.1m market cap, or US$26.9m). Announcement • Nov 22
Europa Oil & Gas (Holdings) plc Announces Oil and Gas Authority Grants 5-Year Extension to DL003 Licence Europa Oil & Gas (Holdings) plc announced that the Oil and Gas Authority (now officially referred to as the North Sea Transition Authority) has granted a 5-year extension to the DL003 licence which holds the Company's West Firsby asset, as such the licence will now expire on 31 December 2030. New Risk • Sep 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended July 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported July 2024 fiscal period end). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue has declined by 46% over the past year. Minor Risks Revenue is less than US$5m (UK£3.6m revenue, or US$4.8m). Market cap is less than US$100m (UK£11.0m market cap, or US$14.8m). New Risk • Jul 31
New major risk - Revenue and earnings growth Revenue has declined by 46% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue has declined by 46% over the past year. Market cap is less than US$10m (UK£5.04m market cap, or US$6.66m). Minor Risks Latest financial reports are more than 6 months old (reported July 2024 fiscal period end). Revenue is less than US$5m (UK£3.6m revenue, or US$4.7m). New Risk • May 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (UK£6.23m market cap, or US$8.27m). Minor Risks Latest financial reports are more than 6 months old (reported July 2024 fiscal period end). Revenue is less than US$5m (UK£3.6m revenue, or US$4.7m). New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended July 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.8m free cash flow). Market cap is less than US$10m (UK£5.76m market cap, or US$7.61m). Minor Risks Latest financial reports are more than 6 months old (reported July 2024 fiscal period end). Share price has been volatile over the past 3 months (9.8% average weekly change). Revenue is less than US$5m (UK£3.6m revenue, or US$4.7m). New Risk • Mar 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.8m free cash flow). Market cap is less than US$10m (UK£6.23m market cap, or US$8.07m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Revenue is less than US$5m (UK£3.6m revenue, or US$4.6m). Announcement • Feb 11
Europa Oil & Gas (Holdings) plc Announces Board Changes Europa Oil & Gas (Holdings) plc announced the following changes to the Board effective immediately. In line with the Company's approved succession plan, Mr. Bo Krøll replaces Non-Executive Chairman Brian O'Cathain, who is stepping down from the Board after seven years of service. New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.67m (US$9.46m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.8m free cash flow). Market cap is less than US$10m (UK£7.67m market cap, or US$9.46m). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Revenue is less than US$5m (UK£3.6m revenue, or US$4.4m). Board Change • Jan 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman Brian O'Cathain is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Dec 13
Europa Oil & Gas (Holdings) plc Appoints Bokrøll to the Board as Non-Executive Director Europa Oil & Gas (Holdings) plc announced the appointment of BoKrøllto the board of the Company as a non-executive director with immediate effect. MrKrøllis a proven entrepreneur and successful businessman who has been a long-term shareholder in Europa with a current holding of 6.04% of the issued share capital of the Company. The Europa board believes that the management of the Company would benefit from increased representation of the shareholders on the board and as a result has invited MrKrøll to join the board. MrKrøll is an entrepreneur who has founded and successfully built multiple companies during his career. He is currently Chairman and CEO of SeeReal Technologies, a leading engineering and design house within the field of Holographic 3D Displays which has built a Holographic Display Patent Portfolio comprising almost 600 patents and patent applications and is one of the largest holographic display portfolios in the world. Prior to this, he held board level roles at several data management companies, notably: he was CEO of Boersinformation Telecom A/S where he doubled turnover, made the business profitable and then sold; and, he founded IFX Group Plc, which provided financial information services on mobile terminals, and after eight years of rapid growth he successfully sold the business. MrKrøll holds aBaccalaureate from Holte Gymnasium and a Master of Science from the Technical University of Denmark. Board Change • Nov 29
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman Brian O'Cathain is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 05
Europa Oil & Gas (Holdings) plc, Annual General Meeting, Nov 29, 2024 Europa Oil & Gas (Holdings) plc, Annual General Meeting, Nov 29, 2024. Location: the hellenic centre, 16 18 paddington street, w1u 5as, london United Kingdom New Risk • Nov 04
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: UK£3.6m (US$4.6m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.8m free cash flow). Market cap is less than US$10m (UK£7.43m market cap, or US$9.63m). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$5m (UK£3.6m revenue, or US$4.6m). New Risk • Nov 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended January 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£7.19m market cap, or US$9.30m). Minor Risks Latest financial reports are more than 6 months old (reported January 2024 fiscal period end). Share price has been volatile over the past 3 months (8.2% average weekly change). New Risk • Oct 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£6.71m (US$8.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£6.71m market cap, or US$8.71m). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (UK£8.87m market cap, or US$11.3m). Reported Earnings • Apr 21
First half 2024 earnings released: UK£0.001 loss per share (vs UK£0.001 loss in 1H 2023) First half 2024 results: UK£0.001 loss per share (in line with 1H 2023). Revenue: UK£1.42m (down 62% from 1H 2023). Net loss: UK£1.02m (loss narrowed 20% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Apr 09
Europa Oil & Gas (Holdings) plc Appoints Eleanor Rowley as Independent Non-Executive Director Europa Oil & Gas (Holdings) plc announced the appointment of Dr. Eleanor Rowley to the board as independent non-executive director with immediate effect. Dr. Rowley has extensive experience in the upstream energy sector working as a geoscientist in both exploration and development projects. She is a proven hydrocarbon finder who has been responsible for multiple impactful discoveries in India, Cyprus and MENA and has been responsible for evaluating exploration and appraisal opportunities across multiple jurisdictions including sub-Saharan Africa. Dr. Rowley is currently Managing Director at Capricorn Energy (Egypt), where she was initially responsible for setting up Capricorn's business in Egypt, involving a net investment of USD 300 million in the last two calendar years, and now manages that business, which averaged gross production of 75 kboepd in 2023. Prior to that, she held senior executive positions with supermajors as well as mid-size and small E&P companies in multiple geographies, including a period as Vice President Exploration (MENA & Caspian Southern Europe) at TotalEnergies where she was responsible for the region's exploration and appraisal projects, new business development strategy, exploration operations and technical excellence. Dr. Rowley holds a BA in Earth Science from Oxford University and a PhD in Geophysics from Cambridge University. Board Change • Feb 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Senior Independent Director Simon Ashby-Rudd was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 15
Europa Oil & Gas (Holdings) plc Announces the Wressle-1 Well's Gross Production Europa Oil & Gas (Holdings) plc announced that the Wressle-1 well's gross production is currently averaging 665 barrels of oil per day, as the Operator, Egdon Resources U.K. Limited, continues to evaluate the reservoir response to increased pump rates. Announcement • Dec 21
Europa Oil & Gas (Holdings) plc Announces Appointment of Mr. Simon Ashby-Rudd as Independent Non-Executive Director Europa Oil & Gas (Holdings) plc announced the appointment of Mr. Simon Ashby-Rudd as Independent Non-Executive Director with immediate effect. Simon has extensive experience in the upstream energy sector which includes 30 years in investment banking roles at large financial institutions, including Dresdner Kleinwort Benson, Citigroup, and also Standard Bank where he was Global Head of Oil & Gas. He was the founding European partner at Tristone Capital, which was a leading UK boutique M&A and equity advisory firm before it was acquired by Macquarie Bank. Simon has significant global experience in advising energy companies on corporate strategy and capital structuring, and has spent much of his career focused on Europe and Africa. Simon holds a B.Sc in economics from University College London. He will chair Europa's audit committee and serve as senior independent director. Simon Gerrard Ashby-Rudd, aged 56. Announcement • Dec 19
Europa Oil & Gas (Holdings) plc Announces Wressle Production Update Europa Oil & Gas (Holdings) plc announced that the necessary Environment Agency ("EA") approval has now been received to allow higher volumes of fluids to be handled at surface and nearby water disposal facilities. Prior to the EA approval being granted, the W1 well at the onshore UK Wressle oilfield was producing at a stable gross production rate of over 550 barrels of oil per day ("bopd") (net 165 bopd to Europa), however this rate was achieved at constrained surface jet pump rates. Since 14 December 2023, following the EA approval, the surface pump rate has gradually been increased and the oil production rate over a 24-hour period ending at 7am on 18 December 2023 was 680 bopd (net 204 bopd to Europa). In order to determine the best rate for the jet pump to optimise oil production rates and for reservoir management, the well is being carefully monitored as the pump rate is gradually increased. It is expected that it will be a few weeks before the well stabilises and an optimised production rate is achieved. Announcement • Nov 29
Europa Oil & Gas (Holdings) plc Announces Board Changes Europa Oil & Gas (Holdings) plc announced that it has received a letter from a group of shareholders, including Paul Barrett and Erika Syba (the "Requisitioning Shareholders"), who own a combined shareholding of approximately 5.24% of the Company's issued share capital, attempting to requisition a general meeting of the Company's shareholders (the "Requisition") under section 303 of the Companies Act 2006 (the Act) to consider resolutions to remove William Holland and Alastair Stuart from the Board of directors and to replace them with Paul Barrett and Erika Syba. The Board of Europa notes that both Paul Barrett and Erika Syba are former directors of the Company, who resigned from their respective Board positions on 21 October 2011 and 31 August 2010 respectively and have previously unsuccessfully attempted to requisition a general meeting, with similar resolutions, as announced on 8 January 2014. If the company subsequently receives a valid requisition notice from the Requisitioning Shareholders, the Board will respond to it in accordance with the Act and will share its detailed views on the proposals with shareholders. However, in summary, the Board does not believe that the proposed resolutions would be in the best interests of the Company and none of the Directors would vote in favour of such resolutions were they to be proposed. Announcement • Oct 31
Europa Oil & Gas (Holdings) plc, Annual General Meeting, Nov 23, 2023 Europa Oil & Gas (Holdings) plc, Annual General Meeting, Nov 23, 2023, at 11:00 Coordinated Universal Time. Location: The Hellenic Centre, 16-18 Paddington Street London United Kingdom Reported Earnings • Oct 23
Full year 2023 earnings released Full year 2023 results: Revenue: UK£6.65m (up 1.0% from FY 2022). Net loss: UK£852.0k (down 163% from profit in FY 2022). Announcement • Oct 18
Europa Oil & Gas (Holdings) plc Announces Wressle Update Europa Oil & Gas (Holdings) plc announced that workover operations on the Wressle-1 well to install a downhole jet pump and recomplete the well have been successfully concluded. The workover rig has been demobilised from the Wressle site. A new surface Triplex pump has been purchased and has been installed and connected. The final stages of the surface facilities upgrades are nearing completion. The re-instatement of production operations at Wressle-1 well is currently expected during the week commencing 23 October 2023. Europa holds a 30% economic interest in Wressle (PEDL180/182). Announcement • Sep 12
Europa Oil & Gas (Holdings) plc Completes Preliminary Audit of Cloughton Gas in Place Volumes Europa Oil & Gas (Holdings) plc announced that it has completed a preliminary audit of the Cloughton gas in place volumes which has resulted in a Pmean GIIP of 192 BCF. The discovery well at PEDL 343 (Cloughton) flowed good quality sweet gas at rates of up to 40,000 scf/day on natural flow and the Company believed that a well could flow at 6 mmscf/day using the correct completion techniques. New Risk • Aug 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (UK£11.8m market cap, or US$15.0m). Board Change • May 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Senior Independent Director Stephen Williams was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 25
First half 2023 earnings released: UK£0.001 loss per share (vs UK£0.001 profit in 1H 2022) First half 2023 results: UK£0.001 loss per share (down from UK£0.001 profit in 1H 2022). Revenue: UK£3.70m (up 69% from 1H 2022). Net loss: UK£1.29m (down 273% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: UK£0.002 (up from UK£0.001 loss in FY 2021). Revenue: UK£6.58m (up 380% from FY 2021). Net income: UK£1.36m (up UK£2.07m from FY 2021). Profit margin: 21% (up from net loss in FY 2021). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 64%. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 14
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up UK£560.0k from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is forecast to grow 126%, compared to a 43% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 04
Price target decreased to UK£0.067 Down from UK£0.077, the current price target is provided by 1 analyst. New target price is 235% above last closing price of UK£0.02. Stock is up 29% over the past year. The company is forecast to post earnings per share of UK£0.003 next year compared to a net loss per share of UK£0.0015 last year. Reported Earnings • Oct 22
Full year 2021 earnings released: UK£0.001 loss per share (vs UK£0.012 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: UK£1.37m (up 10% from FY 2020). Net loss: UK£718.0k (loss narrowed 87% from FY 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 01
Consensus revenue estimates fall to UK£1.30m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from UK£2.00m to UK£1.30m. Forecast losses increased from -UK£0.001 to -UK£0.002 per share. Oil and Gas industry in the United Kingdom expected to see average net income growth of 94% next year. Consensus price target of UK£0.051 unchanged from last update. Share price was steady at UK£0.013 over the past week. Reported Earnings • Apr 20
First half 2021 earnings released: UK£0.001 loss per share (vs UK£0.008 loss in 1H 2020) The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: UK£516.0k (down 34% from 1H 2020). Net loss: UK£560.0k (loss narrowed 84% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 14
Full year earnings released Over the last 12 months the company has reported total losses of UK£5.44m, with losses widening by UK£4.77m from the prior year. Total revenue was UK£1.24m over the last 12 months, down 27% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 14
Annual earnings released: Revenue misses expectations Annual revenue missed analyst estimates by 4.3% at UK£1.24m. Revenue is forecast to grow 93% over the next year, compared to a 29% growth forecast for the Oil and Gas industry in the United Kingdom.