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.
Europa Oil & Gas (Holdings)
0.72p
13:50 15/11/24
FTSE AIM All-Share
728.67
15:45 15/11/24
Oil & Gas Producers
8,043.72
15:45 15/11/24
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.