Fractured basement reservoir explorer Hurricane Energy says its previous 300 MMbbl estimate for the Lancaster field, west of Shetland is conservative.
The firm has completed technical analysis of the Lancaster, Lincoln and Warwick assets, all fractured basement assets, west of Shetland, following drilling the Lancaster 7, 7Z and Lincoln wells in 2016.
Hurricane says a new competent persons review on the assets is being compiled and it likely to result in a "material uplift in contingent resources as well as the anticipated reserves associated with the planned early production system," being planned for Lancaster, with a final investment decision expected at the end of 1H this year.
Post well analysis has increased the oil down to and the hydrocarbon column height at Lancaster, the latter to more than 670m true vertical depth subsea.
The Lincoln discovery has been assessed as being a separate hydrocarbon accumulation to Lancaster, separated by the Brynhild fault
Warwick is now believed to be part of large basement feature comprising Lincoln and Warwick.
The revised interpretations are based on the integration of wireline sample oil analysis, wireline logs, gas chromatography data, sidewall cores and the integration of Lancaster pressure and fluid data.
Hurricane previously reported a flow rate of at least 14,500 Stb/day in the Lancaster 205/21a-7Z well which has now been refined to a maximum stable rate of 15,375 Stb/day using an ESP, following third party interpretation of the flow meter data.
Hurricane CEO Dr Robert Trice said: "The updated data from the Lancaster 7 and 7Z wells reinforce our belief that the Lancaster field is substantial. The Lancaster CPR due at the end of Q1 2017 will quantify the resources ahead of final investment decision for the early production system, due at the end of 1H 2017."
"We are delighted by the result of the Lincoln well and that the Brynhild fault separates the Lincoln/Warwick single accumulation from Lancaster and Halifax.
"We now await the results of the Halifax well which is designed to evaluate our exploration model which describes Lancaster and Halifax as a single hydrocarbon accumulation."