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THE value of exploration company Petrel Resources quadrupled after it said it had found as much as one billion barrels of oil off Ireland's south-west coast.

The shares rocketed after Petrel , set up by former UCD academic John Teeling (right), announced it had identified a target in the South Porcupine Basin of the Irish Atlantic Margin.

Petrel believes new computer analysis shows several oil fields on top of one another.

This would make it relatively easy to extract any oil because a single well could suck up oil from many fields.

Petrel will now engage in the completion of 3D seismic data interpretation of sections of the well.