Europa Oil & Gas (Holdings) provides a technical update on its 100% owned Licensing Options ('LO') 11/7 and LO 11/8, located in the highly prospective South Porcupine Basin, in the Irish Atlantic Margin, where two large, previously unknown prospects, Mullen and Kiernan, were identified on Europa's acreage in September 2012.

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. Whilst reprocessing of seismic for Kiernan, the larger of the two structures with stratigraphic closures of up to 244sq km, is still on-going, the technical case of Mullen has been further matured and will be presented at the Atlantic Ireland 2012 Conference in Dublin on 12 November 2012. Additionally the prospectivity of the South Porcupine basin will be further tested by the upcoming ExxonMobil Dunquin well, which is expected to be drilled in Q1 2013. In order to maximise the potential of these prospects we remain in search of a joint venture partner with whom to further de-risk Mullen and Kiernan and mature them to a drillable status."

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