LONDON, April 7 Hurricane Energy, listed
on London's Alternative Investment Market (AIM), has tripled its
estimate of recoverable oil from its Lancaster field in the
North Sea, the company said on Friday.
The statement comes just over a week after the company
announced an oil discovery in the Halifax well in the West
Shetlands region, which it thinks could be Britain's largest
undeveloped oil find.
As part of a day of presentations to analysts and investors,
Hurricane said it had upgraded its recoverable resource
estimate for the Lancaster field to 593 million barrels from 200
million in a 2013 assessment.
Output from Lancaster is expected to start in the first half
of 2019, with a daily production rate of 17,000 barrels expected
Oil exploration in Britain has declined due to high costs
and as explorers focus on less mature basins.
A new generation of specialist exploration firms, such as
Hurricane, has started to apply new technologies to tap billions
of barrels of oil still left for extraction.
Hurricane specialises in recovering oil using a technique
that requires high pressure drilling to fracture a type of rock
that is very hard and brittle.
Analysts at Panmure Gordon said the upgrade regarding
Lancaster meant Hurricane's total discovered resources from its
prospective fields could come close to 1 billion barrels.
Shares in Hurricane, which hit a record 62 pence last week,
were down 3 percent at 55p by 0754 GMT.
(Reporting by Karolin Schaps; Editing by David Holmes)