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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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%.
BS
