Shares of oil firm Hurricane Energy soared 53% after it said tests at the Lancaster field west of Shetland showed “a very significant hydrocarbon column.”

Hurricane CEO Robert Trice said  initial assessments of the well results suggest the Lancaster field is likely to be significantly greater than the initial estimate of 200 million barrels.

“The combination of high flow rates, an extensive oil column and underlying aquifer materially de-risks Hurricane’s plans for a future Lancaster field development and further underlines the potential of the fractured basement West of Shetland,” said Trice.

Hurricane will announce its interim results on September 22.