Europa Oil & Gas receives $500,000 from Wressle revenue swap

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Europa Oil & Gas Holdings PLC on Tuesday said it has received the $500,000 upfront consideration related to its recently announced revenue swap agreement for the Wressle oil field.

The UK and Ireland-focused oil and gas exploration, development and production company confirmed that the funds were received following the execution of a revenue swap deal with a Canadian investment firm disclosed Wednesday last week.

Under the agreement, Europa will pay 4.5% of gross revenues generated from the Wressle 1 well to the investor starting from May 1, in exchange for the $500,000 pre-payment. The swap is unsecured and non-dilutive.

Chief Executive Officer William Holland previously said the deal allows Europa to bring forward a small part of its cash flows without impacting its ability to secure project financing for further development at the Wressle 1 well.

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