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18 Oct 2016 07:00
18 October 2016
This announcement contains inside information.
Hurricane Energy plc
("Hurricane" or the "Company")
Interim Well Update
Horizontal Sidetrack Well (205 21a-7Z)
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the 205 21a-7Z well (the "Horizontal Sidetrack Well") has achieved a sustainable flow rate using an Electrical Submersible Pump of 14,500 stock tank barrels of oil per day with no produced formation water. The flow rate was constrained by the test equipment.
The Horizontal Sidetrack Well will be suspended for use as a future producer, providing a second production well ahead of the Early Production System (EPS) phase of development. The Company anticipates making a further announcement following completion of operations.
Dr Robert Trice, Hurricane's CEO, commented: "We are highly encouraged by this flow rate which reinforces our reservoir model and further demonstrates the production potential of the Lancaster field. I look forward to providing a further update once we complete our testing programme."
Contacts:
Hurricane Energy plc
| Dr Robert Trice (Chief Executive Officer)/ Alistair Stobie (Chief Financial Officer)
| +44 (0)1483 862 820 |
Cenkos Securities plc
| Nominated Adviser and Joint Corporate Broker Derrick Lee/Nick Tulloch/Beth McKiernan
| +44 (0)131 220 6939 |
Macquarie Capital (Europe) Limited | Joint Corporate Broker Alex Reynolds/ Guy de Freitas
| +44 (0)20 3037 2000 |
Vigo Communications | Public Relations Patrick d'Ancona/Ben Simons | +44 (0)20 7830 9704 hurricane@vigocomms.com |
About Hurricane
Hurricane is an oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs. The Company's focus is to discover, appraise and develop oil reserves in basement rock. Hurricane has already successfully discovered substantial volumes of oil on the UKCS. The Company has 444-470 mmboe of 2C Contingent Resources and 432-442 mmboe of P50 Prospective Resources on acreage it controls 100%.
Further information on Hurricane can be found at: www.hurricaneenergy.com.
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.
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