Europa Oil enters new phase of exploration

17th Oct 2011 13:14

AIM-listed firm Europe Oil and Gas has been awarded two exploration licensing options covering four-block parcels off the west coast of Ireland. The options, for the Porcupine basin, were granted in the Irish Atlantic Margin Licensing Round, a platform for oil and gas companies to apply for new authorisations in the region off the country's coast. "Previous drilling in the basin led to the discovery of Connemara, Spanish Point and Burren, thus proving a viable petroleum system. The focus is now on the potential for large stratigraphic traps in Cretaceous and younger submarine fan systems similar to those that have been highly successful elsewhere along the Atlantic Margins," the company said. The two blocks will be operated over a two year period, and the firm has the option to extend to a 15 year licence. Paul Barrett, the company's outgoing managing director, added that the award, "represents a prime opportunity to develop a strong prospect inventory in an exciting Atlantic Margin play, additionally benefitting from its location in a low tax EU jurisdiction." The share price rose 3.7% to 10.5p by 13:34.NR