Europa Oil & Gas advanced Wednesday after its Kiernan prospect off Ireland's west revealed positive results.

The group climbed 7.78% on the announcement that Kieran was found to potentially contain 1.6bn barrels of oil.

Kiernan was said to comprise of stratigraphic, or stacked, traps in three reservoirs named Barremian, Valanginian A and Valanginian A.

The results followed the successful completion of first pass seismic mapping of the prospect, which is found in the South Porcupine basin.

Europa discovered the Kiernan prospect along with Mullen last year within wholly-owned licence options in the Irish Atlantic Margin. Mullen has an estimated 480m barrels of oil.

The company is looking for farm-in partners to aid in technical work on the prospects in order to start drilling.

"We will now be opening a data room for both our Irish Licences, with a view to securing a joint venture partner or partners with whom we can further mature both Mullen and Kiernan," Chief Executive Hugh Mackay said.

"This is an exciting time for Europa, as we look to advance our balanced portfolio of assets, which also includes onshore UK production and exploration as well as a large onshore France gas appraisalproject, and in the process build substantial value for all our shareholders."

He said South Porcupine was a particular focus this year as ExxonMobil and Providence Resources prepare to drill the high profile Dunquin well.

RD

Related share prices
Europa Oil & Gas (Holdings) (EOG) share price