Europa Oil and Gas has ruled out any prospect of drilling in Irish waters next year, but has said it is making significant progress towards drilling activity in 2020, including on its flagship gas project adjacent to the Corrib field off the west coast.

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.

British exploration firm Europa Oil and Gas is hopeful of landing a development partner for licences it holds off the Irish coast before the end of the year.

Donal Hickey reports on Ireland’s Atlantic oil basins.