Europa Update on Irish Prospects

Europa Oil & Gas has provided a technical update on its 100% owned Licensing Options  in the South Porcupine Basin, a region of the Irish Atlantic Margin, where two large, previously unknown prospects, Mullen and Kiernan, were identified in September.

Europa believes the South Porcupine Basin has the potential to host a new hydrocarbon province and is encouraged by the results of the initial prospect evaluation, it said.

Indicative resources at Mullen have a potential for 1.1 billion (P10) barrels of oil, the company said in a statement.

Hugh Mackay, CEO of Europa, commented: "We believe the South Porcupine Basin has the potential to host a new hydrocarbon province.

"First pass seismic reprocessing over our Mullen Prospect has proved positive. We are pleased to note that the P50 resources of 318 million barrels of oil are supported by an amplitude shut off, with indicative resources ranging from 66 million (P90) up to over a billion (P10) barrels of oil. Since our identification of these two large, previously unknown prospects, significant progress has been made towards uncovering the potential of these large structures."

He said more details of the  technical case of Mullen would be presented at the Atlantic Ireland 2012 Conference in Dublin next Monday November 12.