Europa raises €5m for Irish assets

Europa Oil and Gas is set to raise around £3.4m (€4.8m) via a share placing and open offer, with proceeds partially being earmarked to fund its activities in Irish waters.

The London-based exploration firm last month published independent research valuing its 15% stake in three prospects off Ireland’s west coast — which it shares with US explorer, Kosmos Energy — at around €1.42bn; and called the news a vote of confidence in its Irish assets.

Yesterday, Europa announced that it has successfully raised £1.4m from a share placing of nearly 23m new ordinary shares. The company plans to raise up to a further £2m via the issue of another 34m shares by way of an open offer.