“Funding options are being considered from a position of strength as the group has 100% control of over 400 MMboe of 2C contingent resources,” chief executive Dr Robert Trice said.
Big picture - Why invest in Hurricane Energy
Hurricane Energy Snapshot
At Hurricane, protecting the environment and ensuring the safety of personnel during operations are the first priorities in the successful execution of our strategy.
We take positive steps to address the potential environmental impacts of our offshore operations, which are reviewed by the Management Team and controlled through our fully certified Environmental Management System (ISO 14001:2004).
We are committed to achieving continual improvement in our environmental performance and regard compliance with the relevant laws and regulations as a minimum standard. In order to prevent pollution where possible, we work with our employees, contractors and suppliers to identify and manage the environmental impacts of our activities.
2014 Flow test success
Hurricane is pleased to announce the successful completion of the testing phase of its key horizontal appraisal well in the Lancaster fractured basement oil discovery West of Shetland. The well has been suspended as a future producer.
The maximum sustained oil flow rate was 9,800 stock tank barrels of oil per day (STB/d), which was constrained by the capacity of the surface test equipment. The measured well productivity index of 160 STB/d/psi demonstrates a very good quality reservoir pressure and indicates that under production conditions and a moderate 120 psi drawdown, the basement reservoir could deliver 20,000 STB/d from a single well.
The SERPENT Project
Hurricane is a partner in the SERPENT (Scientific and Environmental ROV Partnership using Existing Industrial Technology) project.
This is a collaboration between the oil industry and the National Oceanography Centre in Southampton to make observations of the seabed and associated biological communities immediately around well locations. Utilising a drilling rig’s remote operated vehicle (“ROV”) during downtime, SERPENT gathers detailed observations and imagery of the seabed environment. By taking images immediately before and after drilling operations, we have been able to closely monitor the extent of any disturbance to local seabed habitats and communities.
In addition, by employing SERPENT over consecutive drilling and testing operations at Whirlwind, Hurricane has been able to monitor the dispersal of cuttings caused by drilling and the recovery of local seabed communities over time. The monitoring data acquired through the SERPENT collaboration helps facilitate a clearer, industry wide understanding of the effects of drilling on seabed communities, and helps guide the development of effective mitigation measures.
Hurricane has 100% control of around 450 million barrels of 2C Contingent Resources across our assets, all located within the UK Continental Shelf. Our Competent Person's Report provides an independent and comprehensive assessment of what Hurricane has discovered on some large geological structures. Please click here for the Competent persons report
Dr Robert Trice - Chief Executive Officer
As Hurricane’s founder, Robert has over 25 years’ oil industry experience. He has combined specialist technical expertise in fractured reservoirs’ characterisation and evaluation. He has a PhD in Geology from Birkbeck College, University of London and gained the bulk of his geoscience experience with Enterprise Oil and Shell. He has worked in field development, exploration, well-site operations and geological consultancy. Robert has held the position of Visiting Professor at Trondheim University (Norway) and has published and presented on subjects related to fractured reservoirs and exploration for stratigraphic traps.
It is Robert’s vision that lies behind Hurricane, providing clear strategic direction as the company develops and he takes the lead in all aspects of the scientific and technical heart of the company.
Nicholas Mardon Taylor - Chief Financial Officer
Nicholas has worked in the oil industry for over 30 years, his first involvement in the North Sea being in the early licensing rounds. Nicholas is a highly experienced company director having held Finance Director roles with a number of companies, including Total, Saxon Oil, Carless and Alkane.
Nicholas ensures that we have robust accounting and finance policies and procedures and works closely with the Exec team on business direction and strategy.
Nicholas has been with Hurricane since its creation in 2005 when he was the company's first CFO. Since then he has had special responsibility for our thorough Environmental Management System, returning now to the finance role.
Neil Platt - Chief Operations Officer
Neil is has more than 20 years’ experience in the oil industry and has worked for Amoco, BG and Petrofac. He has completed assignments both in the UK and Internationally, working in a variety of engineering, commercial and management roles including Production Asset Manager (NSW) for BG and Vice President for Project Delivery in Petrofac Production
John Hogan - Non Executive Chairman
John has over 35 years experience in the oil and gas industry. He spent almost 20 years with LASMO Plc where he was Managing Director of LASMO North Sea between 1989-1993 followed by seven years on the main board as Chief Operating Officer. Since 2000 he has held a number of Chairman and non-executive roles in the energy sector.
John is is currently Managing Director of Argos Resources Limited, non-executive Chairman of Celtique Energie Limited and a non-executive Director of Chrysaor Holdings Limited.
John joined the Board in 2013 and is Chairman of the Nominations Committee.
Dr David Jenkins - Non Executive Director
David is currently an Industry Advisor to Riverstone Holdings and a Corporate Advisor to Temasek Holdings and Cuadrilla Resources. Presently, he is also on the Boards of President Energy and Black Platinum Energy.
David spent 37 years at BP, where he was Chief Geologist in 1979, General Manager Exploration in 1984 and then Chief Executive Technology for BP Exploration for 10 years from 1987. He retired at the end of 1998 with the position of Director Technology and Chief Technology Advisor for the BP Group.
Following retirement from BP David held a variety of advisory and Board positions including nine years on the Board of BHP Billiton.
David joined the Board in 2013 and is Chairman of the Remuneration Committee.
John van der Welle - Non Executive Director
John has over 25 years oil industry experience, having qualified as a Chartered Accountant with Arthur Andersen in 1981. He is a member of the Association of Corporate Treasurers and the Institute of Taxation.
After 11 years at Enterprise Oil where he was Business Development Manager and subsequently Group Treasurer, John has been Finance Director of a number of listed E&P companies, including Premier Oil in 1999-2005. He was Managing Director, Head of Oil and Gas, at the Royal Bank of Scotland in 2007-2008, and since 2010 has worked as a consultant to, and non-executive director of, an number of listed and private E&P companies.
John joined the Board in 2013 and is Chairman of the Audit Committee.
Taken from company website 13.01.2015
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Hurricane Energy Plc
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