STOCK WATCH

■ LONGBOAT Energy bobbed higher after striking oil in the North Sea.

The company said the Egyptian Vulture well, which is located off the coast of Norway, hit an oil reservoir around 12,086 feet below sea level that is estimated to contain between 19m and 63m barrels of oil.

The well is operated by Equinor ASA, the Norwegian statebacked energy group.

Longboat said further appraisal of the well could ‘significantly increase’ the size of the discovery.

The company’s shares rose 14.2pc, or 10.5p, to 84.5p on the news.