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Europa Oil & Gas (LON:EOG) remains on track to hit its full year production target for the third consecutive year, it said.
That target is 165 barrels of oil per day (boepd) for the year to July 31 2014, it said in a report on first half production and revenues.
For the six months to end January this year, revenue was £2.1 million compared to £2.2mln in the comparative half year.
The oil price averaged US$108.2 per barrel compared with US$110.1 in 2013.
The average volume achieved was 170 barrels of oil equivalent per day, while the cash balance at the end of January this year was £4.8mln, which is £4mln more than at the end of January last year.
The firm has three producing assets in the UK, all in the East Midlands.
Europa's chief executive Hugh Mackay told investors: "Revenue from our UK production covers all corporate overheads and helps fund exploration activity, specifically our share of drilling the Wressle prospect onshore UK in H1 2014.
"As a result, the vast majority of the funds raised via the recent placing and open offer will be used to advance Europa's existing portfolio of high impact projects onshore UK, offshore Ireland and onshore France, and also to pursue new ventures that match our investment criteria."
Also, the oil firm said it had appointed energy finance specialist Colin Bousfield as a non-executive director.
Since 1985, he has specialised in providing financial solutions to the oil and gas sector.
On Friday, the company said that a high impact exploration programme was fully funded and it starts onshore UK with the drilling of the 2.1mmbo (million barrels of oil) Wressle prospect in the first half of this year, followed by a well targeting the 2.9mmbo Kiln Lane in the second half.
Following Monday's announcement, broker Northland noted that production continued to cover overheads but is declining and this year’s two well UK programme represented an important opportunity to prolong production revenues.
"The high impact activities fronted by Kosmos in the Irish Porcupine Basin offer transformational longer term potential, whilst the French permit also offers a sizeable opportunity and help diversity risk.
"Europa’s shares have recovered of late, helped somewhat by the shale story at nearby Egdon’s licences (Europa has shale potential that it would like to farm out) and also by its impending drilling. With a stronger balance sheet and spread of opportunities, we still see value at these levels," said analyst Andrew McGeary, who rates the shares a 'buy' with a price target of 10.4p.
Europa shares are unchanged on Monday at 9p each.