Tullow Oil is to issue a further $500m (€362m) worth of senior debt, with a six-year maturity life, with interest payable on a biannual basis.

British exploration firm, Europa Oil & Gas, which has two potentially huge prospects in Irish waters, has reported a pre-tax profit of £407,000 (€480,000) for the 12 months to the end of July.

Texan exploration company Kosmos Energy has commenced 3D seismic surveys on the two prospects off the Co Kerry coast in which it bought controlling stakes earlier this year.

Oil exploration drilling programmes off the Irish coast are expected to increase materially in the coming years, according to Davy Stockbrokers, who view the entry of Kosmos Energy as a potential game changer in Irish oil exploration.

US company Kosmos Energy has become the latest international exploration firm to show an interest in Ireland’s burgeoning offshore oil and gas potential, snapping up controlling stakes in two prospects off the Kerry coast.

British exploration company Europa Oil & Gas intends to expand its Irish asset portfolio beyond its two existing prospects off the south-west coast, which have a mean total resource potential of around 2bn barrels of oil.

Irish exploration company Fastnet Oil & Gas has selected French geophysical company CGG to carry out its much-anticipated seismic surveying activity in the Celtic Sea in the coming months; a deal which could cost up to €15m.

London-based exploration company Europa Oil & Gas has said that it has identified two large, previously unknown, prospects off the west coast of Ireland.