Hurricane Energy said the discovery, from which an estimated 1 billion barrels could be extracted, is significantly larger than the average findings of 25 million barrels in recent years.
Hurricane’s chief executive officer, Robert Trice, said there are “exciting times” ahead for the company, which has seen its shares jump 6 percent following the announcement of the Greater Lancaster Area discovery.
“This is a highly significant moment for Hurricane,” said Trice, the BBC reports.
“We believe that the Greater Lancaster Area is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf (UKCS).”
The news comes after oil prices plummeted to a three-month low, sparking questions over whether an independent Scotland could financially manage on its own if it chose to split from the UK. FULL STORY