Europa Oil and Gas says it has found two sizeable prospects in it licence area in the Irish Atlantic Margin.
The fact oil has already been found at the Burren discovery close to the company's prospects is also good news for Europa, further increasing the chance that it too could strike black gold.
Europa's Chief Executive Officer, Hugh Mackay said: "Having identified two large structures, our initial technical work and prospect mapping exercise has exceeded our expectations.
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"Combined with the presence of a functioning hydrocarbon system, as indicated by the Burren oil discovery, the size of these structures is tremendously exciting and warrants further priority investigation."
At 8:29 Europa's stock had climbed 25%.
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