LONDON, June 26 Oil and gas explorer Hurricane
Energy has successfully produced oil from its Lancaster
well west of Shetland, a remote area between Scotland and the
Faroe Islands holding a fifth of Britain's untapped oil and gas
Hurricane, which listed on London's Alternative Investment
Market (AIM) in February, said on Thursday production tests
using a pump achieved a flow rate of 9,800 barrels of oil per
day, well above expectations.
"I am delighted to report the successful completion of our
testing operations which have achieved hydrocarbon flow rates in
the upper range of our pre-drill estimates," said chief
executive Robert Trice in a statement.
Shares in the company were trading 9.7 percent higher at
32.8 pence at 0724 GMT.
Hurricane specialises in drilling for oil in basement
reservoirs, lying beneath the sandstones typically targeted by
oil and gas explorers.
Its successful oil flow tests add to Britain's prospects of
tapping new oil and gas reserves in the challenging area West of
Shetland, which has strong winds and waves and is very deep.
Hurricane, which fully owns the Lancaster well, has
suspended the project while it is analysing the data collected
"This looks to be a good result and we think it should help
the company to find a partner if this is the plan," said
analysts at Canaccord.
(Reporting by Karolin Schaps; Editing by Mark Potter)