The latest update from Hurricane Energy adds to the evidence the activities of a firm from Surrey which had no revenue in the first half could have important ramifications for the oil and gas industry and Shetland.
Hurricane last week approved plans for the first phase development of the giant Lancaster field, which sits in a layer of rock off Shetland that has had little attention.
The company is now engaging with firms that might buy into its acreage, after stressing it would only talk to players with the clout needed to support a full field development.
If Lancaster is the success Hurricane expects Shetland will come in for serious attention for years.
Whatever happens, Hurricane’s progress over the last 18 months could increase confidence the North Sea industry is on the road to some sort of recovery.
In April 2016 Hurricane raised £52m for Lancaster weeks after Brent crude sold for around $30 per barrel. The bulk came from a private equity firm that felt bargains could be had in the North Sea amid the crude price plunge.
Brent crude fetched around $56/bbl yesterday.
The first phase of Lancaster won approval after Hurricane raised $530m (£405m) in July in an exercise that showed investing in oil and gas was back on the agenda for a range of City players.
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