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