Europa Oil shares jump 15% on fresh fund raise

Shares in Irish-focused exploration company Europa Oil and Gas jumped by up to 15% yesterday on the back of the London-based company raising an extra £1.3m (€1.47m) through an open offer of its shares.

While Europa has a number of onshore UK assets, Ireland is its main focus, since it owns seven licences in waters off the west coast.

An independent study last month showed Europa has prospective reserves of 4.7bn barrels of oil equivalent and 1.5trn cubic feet of gas across its Irish offshore assets; up from a previous figure of 4bn barrels.