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.”
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.