Shares in Petrel Resources have jumped by more 350pc after the Irish Aim-listed oil and gas exploration company announced today that it has identified a target in the South Porcupine Basin of the Irish Atlantic Margin with a billion barrel potential.

The target is located on Quad 35 of Petrel’s 100pc owned 11/4 licensing option.  Petrel said the identified targets have been mapped at several levels indicating that they are vertically stacked and would be accessible with one well.

According to the company, which is chaired by John Teeling, stacked targets have been mapped at Eocene (Lower Tertiary), Lower Cretaceous and locally Jurassic levels.  This facilitates drilling and testing of several targets with one well.

“We have long known that Ireland’s offshore Porcupine Basin is a hydrocarbon province,” said David Horgan, managing director of Petrel. “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.”

The company’s share price closed at 27.12p, up 21.12pc or 352.08pc for the day.