Shares in Europa Oil & Gas almost doubled in price after it announced the discovery of two large structures on its licences in the Irish Atlantic Margin but it is still early days.
At 4.88p, up 88.6%, Europa is valued at £14.3m.
House broker finnCap believes that the potential for the structures could be very material but it says that much more work is required. Europa will also need to find partners to finance the drilling of these structures on the Mullen and Kiernan prospects. Exxon has a potential find in an area between the two licences.
A decision will be made on whether to convert its licence into a frontier exploration licence by the end of 2013. Potential partners are assessing the available data.
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