Largest undeveloped oil deposit found in the UK

More revenues coming into the government purse as recent report reveals the discovery of the largest undeveloped oil discovery on the UK Continental Shelf by an oil exploration company.

Dr Robert Trice, Hurricane's chief executive, stated that: "This is a highly significant moment for Hurricane and I am delighted that the Halifax well results support the company's view that its substantial Lancaster discovery has been extended to include the Halifax licence.

"We believe that the GLA is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf.

"The discovery of a 1km (0.62-mile) column at Halifax validates the efforts the company undertook to acquire the licence and drill, test and log the Halifax well through the winter months.

"Given the positive well results, the Halifax well has been suspended to provide the company the option to return to undertake further testing as well as provide the option to deepen the well and thereby establish a definitive oil water contract

"These are exciting times for Hurricane."

The announcement brought the rise in Shares to 6% in early trading after.

Though Hurricane Energy has made no further developments there for budget, time and safety reasons, it has the option to return.

The 2016/17 drilling campaign is now complete, with Hurricane having a 100% success rate with the drill bit.

In the meantime, international energy services company Wood Group has been awarded a £40 million contract with Premier Oil to deliver topside operations and maintenance services to the Balmoral floating production vessel (FPV) in the central North Sea and the Solan installation, west of Shetland.

Also, while delivering his speech, Dave Stewart, chief executive of Wood Group's Asset Life Cycle Solutions business in the eastern region, said: "This contract clearly demonstrates the strong partnership we have developed with Premier Oil in the North Sea, renewing our support of the Balmoral FPV and broadening our delivery to include the Solan field, which came on stream in April 2016.

"We have consistently and successfully assured the management of safety and integrity and applied our innovation and technical expertise to maximise uptime and production, whilst also reducing field lift costs.

"This will be our continued focus - leveraging both our late life asset management expertise and production enhancing technical solutions as we continue to collaborate with Premier Oil on the safe and effective delivery of this latest contract."