Oil discovery 'bigger than thought'
Hurricane shares surge on North Sea find
Analysis of wireline and sidewall core data suggests that Hurricane’s pre-drill estimates of around 250 million barrels of recoverable oil for the Lincoln prospect may be conservative.
Hurricane’s shares were up by more than 17.7% in mid-day trade.
The firm told investors that the discovery, west of Shetland, was probably larger than first thought and that a ‘significant oil column’ estimated at 660 metres had been found.
It could add another 300 or 400 million barrels to the Hurricane portfolio, said FinnCap analyst Dougie Youngson.
The priority now is to get the Lancaster field on stream and the early production system up and running, said the analyst, so that Lincoln and any future discoveries can be tied into a central infrastructure hub.
Youngson said: “We should be seeing the field development plan being submitted by the middle of next year and then hopefully being signed off by the government in due course.”