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'Lincoln Crestal' 205/26b-14 Well Update

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RNS Number : 5812L
Hurricane Energy PLC
09 September 2019
 

9 September 2019

Hurricane Energy plc

 

("Hurricane" or the "Company")

 

'Lincoln Crestal' 205/26b-14 Well Update

 

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update in relation to the 205/26b-14 well ("Lincoln Crestal").

The Company notes speculation regarding the flare on the Transocean Leader drilling rig. The Company confirms that a drill stem test on the Lincoln Crestal well has produced oil to surface, resulting in a flare. At 13:10 on Sunday 8 September 2019, the well was shut-in to enable a planned pressure build-up test.

The Company will update the market on initial results of the well, including flow rates and oil type, following completion of the ongoing testing phase.

 

Contacts: 

 

Hurricane Energy plc

Dr Robert Trice, Chief Executive Officer

Alistair Stobie, Chief Financial Officer

 

+44 (0)1483 862 820

Stifel Nicolaus Europe Limited

Nominated Adviser & Joint Corporate Broker

Callum Stewart / Nicholas Rhodes / Ashton Clanfield

 

+44 (0)20 7710 7600

Morgan Stanley & Co. International plc

Joint Corporate Broker

Andrew Foster / Tom Perry / Alex Smart

 

+44 (0)20 7425 8000

Vigo Communications

Public Relations

Patrick d'Ancona / Ben Simons

[email protected]

+44 (0)20 7390 0230

 

About Hurricane

 

Hurricane was established to discover, appraise and develop hydrocarbon resources associated with naturally fractured basement reservoirs. The Company's acreage is concentrated on the Rona Ridge, in the West of Shetland region of the UK Continental Shelf.

The Lancaster field (100%) is the UK's first producing basement field. Hurricane is pursuing a phased development of Lancaster, starting with an Early Production System consisting of two wells tied-back to the Aoka Mizu FPSO. This development is initially expected to produce an average of 17,000 bopd (gross production of 20,000 bopd with assumed operating efficiency of 85%, following a period of ramp-up). First oil was achieved on 4 June 2019.

Hurricane's other assets include Lincoln (50%), Warwick (50%), Halifax (100%), Whirlwind (100%), and Strathmore (100%). Together with Lancaster, these assets have total combined 2P reserves and 2C contingent resources of 2.6 billion barrels of oil equivalent (2.3 billion barrels of oil equivalent net to Hurricane).

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a five-phase work programme targeting sanction of full field development in 2021. The first phase of the programme includes the drilling and testing of three wells in 2019, which is being carried out using the Transocean Leader semi-submersible drilling rig. Lincoln Crestal is the second well and was spudded on 12 July 2019.

 

Glossary

2P Reserves

Proved plus probable reserves under the Society of Petroleum Engineers' Petroleum Resources Management System

2C Contingent resources

Best case contingent resources under the Society of Petroleum Engineers' Petroleum Resources Management System

bopd

Barrels of oil per day

FPSO

Floating production storage and offloading vessel

Spirit Energy

Spirit Energy Limited

 

Inside Information

 

This announcement contains inside information as stipulated under the market abuse regulation (EU no. 596/2014). Upon the publication of this announcement via regulatory information service this inside information is now considered to be in the public domain.

 

Competent Person

 

The technical information in this release has been reviewed by Dr Robert Trice, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies.  Dr Robert Trice, Chief Executive Officer of Hurricane Energy plc, is a geologist and geoscientist with a PhD in geology and has over 30 years' experience in the oil and gas industry.

 

Standard

 

Resource estimates contained in this announcement have been prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Market: LSE
Market Cap: £537.36 m
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