StockMarketWire.com - Europa Oil & Gas [LON:EOG] was one of the sector's biggest risers after an independent assessment by ERC Equipoise estimates a mean un-risked net present value of approximately US$7bn to a 100% working interest (subject to government approval) in three prospects on frontier exploration licence ('FEL') 3/13 in the Porcupine Basin, offshore Ireland.

On a Risked NPV basis the study estimates a 100% working interest (subject to government approval) at US$1.1 billion.

As announced on 12 May 2015, a Competent Persons Report prepared by ERCE detailed total Gross mean Un-risked Prospective Resources of 1.5 billion barrels of oil equivalent ('bboe') across the three prospects in FEL 3/13.

On 16 June 2015, Europa advised the market of an independent assessment by ERCE of the NPV of its then 15% carried interest in FEL 3/13. Following the announcement of 22 September 2015 that Kosmos Energy Ireland (Kosmos) intends to withdraw from Ireland, Europa instructed ERCE to revise the NPV to reflect a 100% working interest in the permit and without the benefit of a carried work programme. The estimate of NPV provided today also incorporates an updated oil price assumption and cost deck.

Chief executive Hugh Mackay said: "The CPR summary issued on 12 May 2015 identified significant potential volumes of hydrocarbons: Gross mean Un-risked Prospective Resources of approximately 1.5 billion barrels of oil equivalent across three prospects in FEL 3/13.

"With the imminent departure of Kosmos from the licence our net interest will revert to 100%, subject to government approval, with a potential Net mean Un-risked NPV10 of approximately US$7 billion and a Net mean Risked NPV10 of US$1.1 billion estimated by ERCE. We believe this is a very strong indication of the commercial potential in our licences in offshore Ireland."

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Exillon Energy's [LON:EXI] average daily production was 15,660 barrels per day in September. Average daily production for Exillon Timan-Pechora was 3,592 bpd while average output at Exillon West Siberia was 12,068 bpd. Peak daily production was 16,311 bpd during the period.

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Tower Resources [LON:TRP] says that to coincide with its attendance at the 22nd Africa Oil Week/Africa Upstream conference in Cape Town, South Africa, an updated corporate presentation will is available on the company's website at www.towerresources.co.uk.

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The sector's biggest faller was Lansdowne Oil & Gas [LON:LOGP] - down by more than 16.6% in late trading.







At 4:03pm:

[LON:AUR] Aurum Mining PLC share price was +0.01p at 0.93p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.04p at 3.26p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.38p at 6.6p

[LON:ENQ] EnQuest Plc share price was +0.13p at 29.63p

[LON:EOG] Europa Oil Gas Holdings PLC share price was +0.38p at 3.75p

[LON:EXI] Exillon Energy PLC share price was -3.37p at 115.13p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.12p at 20.63p

[LON:GKP] Gulf Keystone Petroleum share price was -1p at 28.25p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.01p at 4.13p

[LON:INDI] Indus Gas Ltd share price was +1.76p at 118.63p

[LON:LOGP] Lansdowne Oil Gas PLC share price was -0.37p at 1.88p

[LON:PET] Petrel Resources PLC share price was +0.01p at 3.88p

[LON:RKH] Rockhopper Exploration PLC share price was -1.12p at 40.13p

[LON:RPT] Regal Petroleum PLC share price was 0p at 4.5p

[LON:TRP] Tower Resources PLC share price was -0.01p at 0.1p

[LON:XEL] Xcite Energy Ltd share price was -1.12p at 22.38p



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