Hurricane Energy looking to float
A COMPANY searching for oil at the bottom of the North Sea is aiming to float.
Hurricane Energy, the first firm to attempt drilling for oil in the cracks of fractured basement rocks in UK waters, is being tipped to raise £20million from a summer listing.
It will have a market value of about £350million and is being advised by Cenkos Securities.
It hopes the money raised will be used to partly fund a drilling programme that aim to recover about 450 million barrels of oil within its North Sea acreage.
Analysts believe fractured basement drilling, which is unrelated to fracking, could eventually find billions of barrels of oil in the North Sea and help s e cur e UK energy supply.