Oilexco Moves to Develop UK North Sea Oil

Canadian company Oilexco is hoping to fast-track development at its UK North Sea Huntington oil discovery, which has revealed an oil column of at least 452ft.

The company says it is considering fixed-platform, floating-production and subsea-tieback options, while also looking into export possibilities.

Further appraisal drilling on the find is due in the second half of this year.

Oilexco is operator with 40%, together with partners Altinex (20%), E.ON Ruhrgas (25%), and Carrizo (15%).

Shares in Oilexco have gone up following the announcement, with UK-listed shares adding 17.5% or 112p to close at 753.5p yesterday.

By Ozge Ibrahim