UK-based Europa Oil and Gas said today it saw a new hydrocarbon province opening up south-west of Ireland.
The firm, based in London, was outlining details of two prospects in the so-called South Porcupine Basin in the Atlantic margin – Mullen and Kiernan.
It comes as ExxonMobil is getting close to drilling the Dunquin prospect, which sits between Mullen and Kiernan, planned for early next year.
Europa said its estimates had Mullen containing probable reserves (P50) of about 318million barrels of oil.
The firm added it was seeking a joint-venture partner to carry out more technical work on the two prospects, with a view to exploration drilling.
Chief executive Hugh Mackay said: “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 66million (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.”