12th May 2015 09:08
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC saw its shares rise Tuesday morning after it said it had received a positive Competent Persons Report on the prospective resources in a license in the Porcupine Basin offshore West Ireland.
Europa has a 15% interest in Frontier Exploration Licence 3/13 in the Porcupine Basin with operator Kosmos Energy holding the rest. The oil and gas explorer said a Competent Persons Report put together by ERC Equipoise detailed gross mean un-risked prospective resource of up to 1.5 billion barrels of oil equivalent, of which 225 million barrels is net to Europa.
"These are very significant volumes of hydrocarbons. Europa considers the prospects to be at
drillable prospect status and we will update the markets when the operator Kosmos provides more clarity with respect to drilling plans. 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," Europa Chief Executive Hugh Mackay said.
The company's shares were up 8.9% at 6.94 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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