Hurricane Energy said on Monday the amount of oil estimated to be recoverable from its Lancaster field west of Shetland is 162% higher than previously thought, Reuters reported.
The company said 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 estimated at 2.3 billion barrels, up 120% from the 2013 report.
“We believe this has the scale to attract interest from major oil companies,” said analysts at RBC Capital Markets.
Hurricane said 37.3 million barrels of proven reserves (2P) at Lancaster were worth $525 million, Reuters reported.
In March, Hurricane said its Halifax oil discovery, extending into its Lancaster field, was the largest undeveloped discovery on the UK Continental Shelf.
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.”