Europa Oil & Gas leaps after Irish field upgraded

Shares in Europa Oil & Gas popped higher on the heels of fresh estimates for the resources in place in the area covered by its FEL 3/13 license area offshore West Ireland.

The competent persons report (CPR) carried out by ERC Equipoise determined there were 1.49bn barrels of gross un-risked mean prospective resources in place at FEL 3/13.

Europa’s 15% interest meant that a net 225m barrels of oil equivalent would accrue to it.

Europa's boss Hugh Mackay said: “this CPR provides a strong endorsement to our long held view that the Porcupine Basin has the potential to become a major new North Atlantic hydrocarbon province.”

As a result of the CPR the Shaw field, which is 85%-owned and operated by Dallas-based Kosmos Energy, was upgraded in status from a 'lead' to a 'prospect'.

Europa, which also announced it had identified new prospects and leads at nearby FEL 2/13, said it would update the market once Kosmos had provided greater clarity on its drilling plans.

As of 15:21 shares of the company were 21.43% higher at 8.5p, giving it a market capitalisation of £13.06m.