Hurricane Energy confirms 162% more oil at North Sea field

Hurricane Energy confirms 162% more oil at North Sea field

UK-based firm Hurricane Energy (LSE:HUR) has announced that recoverable oil resources at its Lancaster field in the North Sea are significantly higher than initial estimates.

Fresh analysis by RPS Energy Consultants revealed that the best estimate recoverable volumes at the offshore field now stand at 523 million barrels of oil, an increase of 162% on projections in 2013.

RPS also reported that Lancaster’s oil in place volume has increased by 120% to over 2.3 billion barrels, compared to the resource estimate four years ago.

Chief executive Robert Trice said: “It is also a landmark for Hurricane to have reserves assigned at the field relating to our planned EPS, for which we continue to advance plans, maintaining our target for first oil by H1 2019.”

At the end of March, Hurricane completed drilling in the nearby Halifax well and reported that the existing oil reserves there were part of a larger single hydrocarbon accumulation in the Greater Lancaster area.

Trice added that Hurricane expects to publish reports relating to Halifax and Lincoln later in 2017.