Hurricane Energy has uncovered what could be one of the largest oil field discoveries in North Sea history last week.
Located off the west coast of Shetland, Hurricane Energy’s latest study on the one kilometre deep oil column shows that it may be connected to an existing field and may be the “largest undeveloped (oil) discovery on the U.K. continental shelf.”
“This is a highly significant moment for Hurricane and I am delighted that the Halifax Well results support the Company’s view that its substantial Lancaster discovery has been extended to include the Halifax license.
“We believe that the GLA (Greater Lancaster Area) is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the U.K. Continental Shelf,” said Hurricane Chief Executive Robert Trice.
According to local media, Hurricane needs to raise about £318 million to develop the project and aims to start producing oil from the field in 2019.
Following the announcement of their discovery, the firms share price rose by 6 percent.