North Sea firm Hurricane Energy said today that a new study had revealed a large increase in recoverable volumes held in its Lancaster field west of Shetland.
Hurricane said the updated competent person’s report (CPR) from RPS Energy Consultants estimated that the field held best estimate recoverable volumes of 523 million barrels of oil.
The figure represents a 162% increase compared to an earlier report in 2013.
RPS said proved plus probable (2P) reserves of 37.3million barrels of oil would be opened up during the initial six-year period of the planned early production system at Lancaster.
The 2P reserves volume would rise to 62.1million barrels if Hurricane extends the EPS to 10 years.
Hurricane chief executive Robert Trice said: “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 CPRs relating to Halifax and Lincoln later in 2017, which we are confident will be a material addition to our already significant resource base.”