Hurricane Energy PLC (LON:HUR) has confirmed that it has struck oil at its Lincoln Crestal well off the west coast of the Shetland Islands.
The group said a drill stem test on the well produced oil to surface, resulting in a flare.
The well was shut in on Sunday to enable a planned pressure build-up test. Hurricane said it will update the market on initial results of the well, including flow rates and oil type, following completion of the ongoing testing phase.
Lincoln Crestal is the second in a three-well programme designed to further test Hurricane’s assets in the Greater Warwick Area, in which Hurricane has a 50% interest following Spirit Energy’s farm-in last September.
Hurricane shares were up 4.4% to 44.88p on Monday morning.