Shares in Petrel Rersources have tripled in value after the oil and gas exploration company announced that it had identified a target in the South Porcupine Basin of the Irish Atlantic Margin with a billion barrel potential.
The company says it has identified targets have been mapped at several levels indicating that they are vertically stacked and would be accessible with one well.
This also facilitates drilling and testing of several targets.
Petrel will now engage in the completion of 3D seismic data interpretation of sections of the well.
A provenance study of the geochemistry of sections is underway.
On the London AIM, shares in Petrel closed up 21.25p at 27.25p, a 354% increase in the day.
"We have long known that Ireland's offshore Porcupine Basin is a hydrocarbon province. There are established petroleum systems, reservoir sands and possible traps at several levels. Our recent work has identified a number of high-potential prospects, at least one of which, we believe, has a billion barrel potential," David Horgan, Managing Director of Petrel said.
