SHARES in Shetland-focused Hurricane Energy have surged 15 per cent after the oil and gas firm said its acreage may contain as much as 2.6 billion barrels, or more than three times previous estimates.
Surrey-based Hurricane said an expert review by RPS Energy Consultants underlined the potential of the finds it has made in relatively under- explored areas West of Shetland. The findings suggest the latest discoveries made by Hurricane, called Halifax and Lincoln, could be bigger than the 520 million barrel Lancaster field. Hurricane plans to bring this into production in 2019.
RPS reckons Halifax and Lincoln may contain 1.2bn barrels oil equivalent and 0.6 boe respectively, with reservoir properties similar to Lancaster. Other finds and prospects may contain around 240 million barrels.
Hurricane said firms had expressed interest in taking stakes in a range of its West of Shetland assets. It thinks potential partners will wait for the results of the early production system on Lancaster before making commitments.
Chief executive Robert Trice said a successful system would provide significant cash flow and a “read-across” to the production potential of other assets. Previous expert studies found Hurricane’s acreage could contain around 785 million barrels oil equivalent.
Shares in the Aim-listed firm closed up 4p at 31p.
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