British exploration company Europa Oil and Gas is in talks with a number of potential development partners for its offshore Ireland assets despite an unnamed oil major, which was in pole position, walking away from the process.

British explorer Europa Oil and Gas has launched a farm-out process for three of its licences located off the west coast, comprising half of its Irish-based assets.

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.

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.