Europa Oil & Gas shares soar on positive results from Kiernan prospect

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

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

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021