HUR.L Share News (HUR)

(Sharecast News) - UK-based oil and gas company Hurricane Energy updated the market on operations to plug and abandon the Lincoln-14 well on the South licence in the Greater Warwick Area on Wednesday, which Hurricane operates on behalf of the GWA 50-50 joint venture with Spirit Energy Resources.
The AIM-traded firm had previously said that the joint venture had a regulatory obligation to plug and abandon the Lincoln-14 well by 31 October 2021, and that a rig had been contracted by Hurricane, as licence operator, for that purpose.

"The company can confirm that the Stena Don semi-submersible rig is now on hire," the board said on Wednesday.

"The Lincoln-14 plug and abandonment is scheduled to take 20 to 25 days to complete, with a gross budgeted campaign cost of $13m."

At 1107 BST, shares in Hurricane Energy were up 4.17% at 1.25p.