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Europa Oil & Gas

  • BY: Andrew Hore |
  • POSTED: 06/11/2012 |

Shares in Europa Oil & Gas rose by nearly 14% as seismic data suggests that the Mullen prospect in the Celtic Sea could hold more than one billion barrels of oil. 

Europa has a 100% working interest in Mullen but it will need a partner to finance its exploration and development. The prospect is in 1,000m of water in the South Porcupine basin, where one well has been drilled so far.

According to finnCap, assuming a 5% risk factor and a 80% farm-out, Europa could still have an asset valued at more than 21p a share.

At 9.38p a share, Europa is valued at £12.9m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf

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