LONDON, May 8 (Reuters) - Hurricane Energy, which specialises in extracting oil from naturally fractured rock, said on Monday the amount of oil estimated to be recoverable from its Lancaster field in the North Sea is 162 percent higher than previously thought.
The company said the latest independent analysis of reserves at the field showed 523 million barrels of oil could be recoverable, more than double the amount assessed in 2013.
The total volume of oil in place at the field was put at 2.3 billion barrels, up 120 percent from the 2013 report, Hurricane said.
“We believe this has the scale to attract interest from major oil companies,” said analysts at RBC Capital Markets.
North Sea oil and gas production levels have slumped from a peak around the turn of the century and a three-year oil market downturn has curbed exploration for new resources.
However a series of small oil explorers deploying new techniques to retrieve hydrocarbons at lower costs and more efficiently, including Hurricane, have revived hopes that Britain’s remaining 24 billion barrels can be retrieved.
Hurricane said 37.3 million barrels of proven reserves (2P) at Lancaster were worth $525 million.
“We expect to publish CPRs (Competent Person’s Report) relating to Halifax and Lincoln later in 2017, which we are confident will be a material addition to our already significant resource base,” Hurricane Chief Executive Robert Trice said.
In March, Hurricane said its Halifax oil discovery, extending into its Lancaster field, was the largest undeveloped discovery on the UK Continental Shelf. (Reporting by Karolin Schaps; editing by Jason Neely)