Hurricane Energy's share price storms higher after group announces "significant" North Sea oil find

 
Francesca Washtell
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Cabinets From Both UK And Scottish Governments Meet In North East Scotland
Hurricane's Lincoln well (not pictured) could have more than the initially estimated 250m barrels of recoverable oil (Source: Getty)

Hurricane Energy's share price has stormed more than 13 per cent higher this morning after the group announced it had made a "significant" find at its North Sea Lincoln well.

Drilling has revealed the oil column's estimated 250m barrels of recoverable oil is a "conservative" forecast, Hurricane said today.

The well is close to the company's original, major Lancaster oilfield discovery, which is located west of Shetland.

Read more: Hurricane Energy gets storming oil drill results off Shetland Islands

Hurricane's share price opened more than 23 per cent higher at 51.75p, but is now trading up 13 per cent at 47.34p.

Hurricane Energy Hurricane Energy | mobile image

Chief executive Dr Robert Trice said:

I am delighted that, at the end of an extraordinary year for Hurricane, the Lincoln Well has discovered a significant oil column outside structural closure on our Greater Lancaster Area acreage.

Our initial assessment of the drilling results will be subject to refinement by analysis of wireline and sidewall core data, however, current analysis indicates that our pre-drill resource assessments - which were constrained by the oil down to in the Arco Well - of approximately 250m of recoverable oil for the Lincoln prospect may be conservative.

Read more: BP plans to double North Sea oil production by the end of the decade

In October, Hurricane announced it had conditionally fundraised £70m in a share placing to help develop its North Sea drilling operations.

Proceeds will be used to speed up the development of the Greater Lancaster Area, which the Lincoln well sits within.

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