Shares of West of Shetland oil and gas explorer Hurricane Energy plc rose about 5% on Monday after it confirmed it has struck oil at its Lincoln Crestal well in the West of Shetland.

In a stock exchange statement, Hurricane Energy said: “The company notes speculation regarding the flare on the Transocean Leader drilling rig.

“The company confirms that a drill stem test on the Lincoln Crestal well has produced oil to surface, resulting in a flare.

“At 13:10 on Sunday 8 September 2019, the well was shut-in to enable a planned pressure build-up test.

“The company will update the market on initial results of the well, including flow rates and oil type, following completion of the ongoing testing phase.”