Europa Oil shares jump 12% on Irish asset hike

Shares in British exploration company Europa Oil and Gas jumped by as much as 12% yesterday on news that it is sitting on nearly 1bn more barrels of oil in Irish waters than was previously projected.

While it has a number of onshore UK assets, Ireland is Europa’s main focus with it owning seven licences off the west coast.

The results of an independent competent persons report — covering previously executed seismic surveying of Europa’s west of Ireland acreage — show that the company now has prospective reserves of 4.7bn barrels of oil equivalent (boe) and 1.5trn cu ft of gas across its seven licences.