The Oil and Gas Authority (OGA) has granted Hurricane Energy’s request for a field determination area for Lancaster.
The company has been awarded the oil field status as oil field number 572 which Hurricane says is the first step in progressing the submission of the Lancaster early production system (EPS) field development plan (FDP).
Activist investor Crystal Amber has been building its stake in a North Sea business it expects could be worth £17billion.
The Guernsey-based fund now owns 12% in Hurricane Energy which is closing in on a farm-in deal that could start to unlock 400million barrels of oil and “breath life” into the North Sea.
Hurricane was founded in 2005 by Dr Robert Trice, a specialist in an unusual hydrocarbon geology known as “fractured basement reservoirs”.