Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Europa Oil says placing demand highlights rising interest in offshore Ireland

The AIM-listed explorer placed £2.1mln of shares at 6p per share with up to a further £1.5mln to come from an open offer.
picture of oil rig
Europa is looking for partners for the Irish offshore portfolio

Europa Oil & Gas (Holdings) PLC (LON:EOG) said the strong support for its latest fund raise indicates how significant Ireland’s Atlantic Margin is becoming.

The AIM-listed explorer placed £2.1mln of shares at 6p per share with up to a further £1.5mln to come from an open offer.

According to Hugh Mackay, Europa’s chief executive: “The market is beginning to recognise the potential for Atlantic Ireland to become a major new hydrocarbon province.”

WATCH: Europa fundraise 'to accelerate our licence position in Ireland ', says CEO Hugh Mackay

The money raised will fund its share of early stage development work across an Irish Atlantic Margin portfolio that comprises seven licences covering 5,818 sq km, six play types, three basins, and over 30 prospects and leads.

Work includes the acquisition and processing of 3D seismic data across five licences that Europa believes will aid in its search for partners.

“We have set ourselves the target of having at least six drill ready prospects within the next eighteen months,” said Mackay.

PhilW.jpg
Why Invest In Europa Oil & Gas (Holdings) Plc? Read More Here

Register here to be notified of future EOG Company articles
View full EOG profile View Profile

Europa Oil & Gas (Holdings) Plc Timeline

Related Articles

oilOnshore.jpg
January 23 2017
Chief executive Matthew Idiens said "with the change in political regime in the US, we feel the incoming administration will be very supportive of our industry."
Egyptian pyramids
June 01 2017
The AIM-listed group transformed itself at the start of the year with the US$30mln acquisition of the Egyptian and Moroccan assets of failed fellow AIM firm Circle Oil
trice.jpg
June 02 2017
It is fitting then (and probably no coincidence) the venue for the Hurricane AGM was once a forum for Michael Faraday and the other founding fathers of science. For the company has been something of a trail-blazer in North Sea oil exploration

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use