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Chang - not a chance!
Glad people are starting to wake up as to the opportunity of this P&A.
Was previously ****ged off for mentioning it
Wake up!
As earlier predicted .....
Predictable - they will take this well below 8p to take out stops and weak holders, then it will motor upwards - been the same pattern for a while now
Looks like it
Should be good IMHO!
eurofile - go and do one!
Cheers Rangers, it amazes me how blind some folk are not to see the enormous potential for Hurrican moving forward. POO at an all-time high, bond holders to be paid off with cash in the bank, a suspended well ready to take over from Lancaster if /when it eventually reaches BP.
$468.7 million in trading and supplementary losses
- investment allowances of $707.8 million
- capital pool allowances of $383.5 million
Current price has no reflection on true market cap imho
Guys, maybe I am missing something but we already have a well waiting in the background - Lincoln Crestal 205/26b-14 which was suspended awaiting regulatory approval before court hearing and before OGA timespan for doing something for well ran out, why can't the company reapply?
·; Maximum stable flow rate of 9,800 stb/d on ESPs
·; Lincoln confirmed to contain light, 43° API oil
·; No formation water produced
·; Well now planned to be suspended as a future producer
Testing of the Lincoln Crestal well recorded a maximum stable flowrate of 9,800 stock tank barrels of oil per day ("stb/d") with the use of electrical submersible pumps ("ESPs"). The well flowed at an average rate of 4,682 stb/d under natural conditions. No formation water was produced.
Sense, it wasn't Warwick - sorry got my line crossed it was Lincoln Crestal as below - what's happening with this one? it was suspended in 2019 waiting regulatory approval? I would have thought that approval was a given no considering the situation with Russia?
Thu, 12th Sep 2019 07:00
RNS Number : 0483M
Hurricane Energy PLC
12 September 2019
12 September 2019
Hurricane Energy plc
("Hurricane" or the "Company")
'Lincoln Crestal' 205/26b-14 Well Result
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to report the results of testing of the 205/26b-14 well ("Lincoln Crestal").
Highlights
·; Maximum stable flow rate of 9,800 stb/d on ESPs
·; Lincoln confirmed to contain light, 43° API oil
·; No formation water produced
·; Well now planned to be suspended as a future producer
Testing of the Lincoln Crestal well recorded a maximum stable flowrate of 9,800 stock tank barrels of oil per day ("stb/d") with the use of electrical submersible pumps ("ESPs"). The well flowed at an average rate of 4,682 stb/d under natural conditions. No formation water was produced.
Lincoln Crestal is the second well in a three-well programme on the Greater Warwick Area ("GWA"). The well was spudded on 12 July 2019 and was drilled to a total depth of 1,780 m TVDSS. It included a 720 m horizontal section of fractured basement reservoir.
The well will now be suspended, subject to regulatory approval, with long term gauges installed to test interference with future GWA wells. It is then planned to be tied-back to the Aoka Mizu FPSO during 2020, subject to further technical evaluations, regulatory consent and final investment decision by the joint venture. Production from the tie-back would generate reservoir data to be used in planning future phases of development.
The Transocean Leader semi-submersible rig will now move to the location for the third well in the 2019 GWA drilling programme, 204/30b-A 'Warwick West'.
Dr Robert Trice, Chief Executive of Hurricane, commented:
"We are delighted with the results of the Lincoln Crestal well. We have confirmed the presence of light oil which can be produced at commercial rates. The Lincoln Crestal well is now planned to be tied back to the Aoka Mizu FPSO next year. This would make Lincoln the second producing basement field in the UK.
"Based on the result of the 2016 Lincoln well, RPS Energy assigned 2C contingent resources of 604 million barrels of oil equivalent to Lincoln. This successful result brings us closer to monetising this huge resource."
Sense - Agreed, Warwick was abandoned due to a flaring issue - correct?
Normally around now....
Agreed Lenin ( no relationship with Putin?) the Ukraine situation will make the world (and UK) take a lot more notice to invest in local O&G and not rely on imported
Whilst Greta and her clan can bang on about reducing fossil fuel dependancy until there is a clear road map to do so we will be reliant on it for some time.
Interesting that the UK gov appears to be doing a u-turn - https://www.express.co.uk/news/science/1562541/rishi-sunak-boris-johnson-green-energy-net-zero-oil-gas-north-sea
Excellent post Topcat, just thought I would reiterate these words from CA analysis
- $468.7 million in trading and supplementary losses
- investment allowances of $707.8 million
- capital pool allowances of $383.5 million
the Fund believes that the benefit arising to Hurricane's shareholders could be very substantial
Hold on to your golden tickets everyone!
Nope..... somethings stirring
There are plans afoot......