16th Jun 2015 09:15
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC said Tuesday that a recent independent assessment of its interest in a licence in the Porcupine Basin, offshore West Ireland, estimates a mean un-risked net present value of USD1.6 billion.
This value is attributed to Europa's 15% interest in three prospects with literary associations: Wilde, Beckett and Shaw. On a risked basis, the assessment estimates a risked net present value of USD251 million to Europa's interest in the prospects.
"Europa therefore has exposure to a very significant potential upside in the event of exploration success," said Chief Executive Officer Hugh Mackay in a statement." With the imminent start-up of extended well-test operations at the Wressle oil discovery onshore UK, these are exciting times for Europa."
Shares in Europa Oil & Gas are trading up 7.4% at 8.72 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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