We decided to take more risks and it seems we have been lucky

Managing Director Alf Bissett

Managing Director Alf Bissett said interest had been huge since news of the find was revealed on Wednesday.

It represents the company's first serious foray into the North Sea and Mr Bissett said the share price has reached more than 60p - up from 20p to 30p before the find was first made.

Mr Bissett said: "Having been almost ignored for a long period of time, it is nice to have hit the headlines. There is a lot of hard work to be done but it is nice that this has happened."

He said the company had previously concentrated on smaller, inshore operations until deciding to take a chance and move offshore at the end of the 1990s.

The company moved offshore at the end of the 1990s

He had hoped for a good find but this latest news had exceeded all expectations.

"We decided to take more risks and it seems we have been lucky," he said.

But Mr Bissett stressed it can take three to five years between discovery and bringing a well on stream in the North Sea.

"Other things could happen to oil prices and exchange rates between now and then. The predictions could prove a bit premature, but they are not unreasonable.

"We have some major shareholders in for a long time who have been patient and we are pleased to see this for them.

'Substantial finds'

"But we have got to keep in mind that there could be a long period of time to go yet."

Jon Wormley, the executive vice president of BG, said: "This new data shows that Buzzard may be one of the most substantial finds in the North Sea in recent years, with further significant upside potential in the untested areas.

"Further appraisal drilling is planned, with the drilling of two or three new wells beginning this autumn.

"This has the potential to increase significantly the currently established recoverable reserves."