RE: Negative rumours9 Dec 2019 13:28
Slipanchor, understand your frustration but Dr T has already provided the roughly right statement re Lancaster in his Sep Results commentary below which for him is positively bullish. The calculations involved to get a more detailed update for Lancaster are extremely complicated and require a lot of accurate information, hence the 6 mths analysis to be RNS'd this month. Dr T will want to provide a precisely right answer rather than a precisely wrong one so just settle for the roughly right version already given for now.
Dr Robert Trice, Chief Executive of Hurricane, commented:
"I am delighted to announce our half year results for 2019, Hurricane's first financials to include revenue. The Lancaster Early Production System is the first phase of development of our significant Rona Ridge assets. Achieving first oil on schedule and on budget is a remarkable achievement and a huge credit to our operating team, our partners and contractors.
"Since first oil, Hurricane has sold over 1.6 million barrels of oil across four cargoes and Lancaster has been producing at an average of 14,100 barrels of oil per day. The operating cash flow that the EPS is delivering provides Hurricane with greater control of our future as we seek to deliver growth in reserves and production across all of our Rona Ridge assets.
"Whilst the financial security gained from production is crucial, the ultimate goal of the Lancaster Early Production System is to improve our understanding of the reservoir to aid planning of future phases of development of Hurricane's significant Rona Ridge resource. Throughout the start-up phase and following first oil, the reservoir has performed at the higher end of expectations. However, we remain cognisant that it will take at least six months of steady state production before we are able to evaluate the validity of our reservoir model.
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