Confirmed reserves of untapped oil at Hurricane Energy’s Lancaster field west of Shetland have risen by more than 150% in the company’s latest competent person (CPR) report
The latest CPR reports that best estimate for recoverable volumes surged 162 per cent to 523 million barrels of oil compared to the last report in 2013.
The initial six-year early production system (EPS), which has proved and probable reserves estimated at 37.3 million was valued at $525m (£404.5 milliion). It is set to come online in 2019.
The rest of the 523 million barrels of oil are classified as 2C contingent resources, which means they are “development unclarified or on hold” until further field development is assessed.
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Biggest un-developed oil field in North Sea is found off Shetland by Hurricane Energy
Dr Robert Trice, Chief Executive of Hurricane Energy, commented: “We are delighted to now have independent verification of the highly material uplift in the resources we have at Lancaster. 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 of H1 2019.
“We expect to publish new CPRs relating to Halifax and Lincoln later in 2017, which we are confident will be a material addition to our already significant resource base.”
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