Kosmos Energy operates the licences, FEL 2/13 and FEL 3/13, which are located in the South Porcupine Basin, offshore Ireland.
The company identified two new prospects, Doyle A and Doyle B, at the FEL 2/13 licence.
The prospects have gross mean unrisked prospective resources of 123 million barrels of oil (mmbo) for Doyle A and 69mmbo for Doyle B.
Europa also identified two prospects, named Beckett and Wilde, and one lead, Shaw, at the FEL 3/13 licence; Beckett and Wilde have gross mean unrisked prospective resources of 760 mmbo and 493 mmbo respectively.
Europa has received a new prospect inventory, which is based on 3D seismic acquired in 2013 and includes the identification of several new, large prospects and leads on both licences.
The company is undertaking additional seismic analysis work to provide a definitive prospect risking and ranking.
The analysis work is anticipated to be completed in first half of 2015 and aid decisions with respect to further steps on the licences.
It includes the possibility of detailed planning and preparatory work for an exploration well to be drilled as early as 2016.
Europa Oil & Gas CEO Hugh Mackay said: "This is a significant step forward for our exploration in Ireland. The prospect inventory has been completed by Kosmos and the early promise shown on historic 2D seismic data has been vindicated by the prospects identified on the new 3D seismic.
"Geophysical studies are now being performed to clarify prospect risk and ranking with a view to inform a drilling decision, expected to be in H1 2015. If positive, this could lead to what could be a company-making well for Europa being drilled in 2016."