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Hurricane Energy plc's Lincoln drilling confirms portfolio's billion barrel potential

Published: 13:42 19 Dec 2016 GMT

Today's news from Hurricane Energy plc (LON:HUR) really proves the group has a significant asset base west of Shetland and reiterates the oiler's previous view that its portfolio could host a potential billion barrels.
So says FinnCap analyst Dougie Youngson after the firm  told investors its Lincoln oil discovery was  probably larger than first thought and that a ‘significant oil column’ estimated at 660 metres had been found.
It could add another 3 or 400mln barrels to the Hurricane portfolio, says Youngson.
The priority now is to get the Lancaster field on stream and the early production system up and running, said the analyst, so that Lincoln and any future discoveries can be tied into a central infrastructure hub, he said.
The rig will next go on now to drill the Halifax prospect, while the firm is working hard to get to field development plan status by the middle of next year.
"We should be seeing the field development plan being submitted by the middle of next year and then hopefully being signed off by the government in due course," said Youngson.

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