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Lancaster EPS update

27 Jul 2020 07:00

RNS Number : 0923U
Hurricane Energy PLC
27 July 2020
 

27 July 2020

Hurricane Energy plc

 

("Hurricane" or the "Company")

 

Lancaster EPS update

 

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update on the Lancaster Early Production System ("EPS").

 

The Company is pleased to report that the commissioning of the Electric Submersible Pumps ("ESPs") has been completed successfully on both Lancaster EPS producing wells. Following the successful ESP commissioning programme, the 205/21a-6 well has been returned to natural flow, while the 205/21a-7z well will continue being produced using an ESP.

 

Following the Company's most recent update on 8 July 2020, a period of ESP testing has seen Lancaster EPS production increase from c.15,000 bopd to c.17,000 bopd as oil and water production from the 205/21a-7z well has stabilised.

 

Currently, individual well production rates are as follows:

 

 

 

205/21a-6

205/21a-7z

Oil production

bopd

c.12,000

c.5,000

Water cut(1)

% total fluids

c.12%

c.53%

1. Expressed as total water produced divided by total fluid (oil and water) production

 

With the 205/21a-7z well currently flowing using the ESP there has been no evidence of the performance issues which led to this well being temporarily shut-in at the end of May 2020.

 

As part of the ongoing geological and technical review, the Company continues to evaluate options to enhance production from its West of Shetland asset base. Production guidance will remain suspended at this time until the technical review is complete or until production uncertainties have reduced. Further Lancaster EPS production updates will be given when appropriate.

 

-ends-

 

Contacts: 

 

Hurricane Energy plc

Beverley Smith, Interim Chief Executive Officer

Philip Corbett, Head of Investor Relations

 

+44 (0)1483 862 820

Stifel Nicolaus Europe Limited

Nominated Adviser & Joint Corporate Broker

Callum Stewart / 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

hurricane@vigocomms.com

+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% owned by Hurricane) 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. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

 

In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.

 

Glossary

bopd

Barrels of oil per day

FPSO

Floating production storage and offloading vessel

 

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.

 

 

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 rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDRFMBTMTTTTTM
Date   Source Headline
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14th Jul 20217:00 amRNSOperational and Financial Update
7th Jul 20217:00 amRNSCompletion of Lincoln-14 well plug and abandonment
5th Jul 20217:00 amRNSHolding(s) in Company
1st Jul 20217:00 amRNSFurther announcement regarding Restructuring Plan
30th Jun 20216:14 pmRNSResults of AGM
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28th Jun 20219:32 amRNSResults of Sanction Hearing
23rd Jun 20214:35 pmRNSPrice Monitoring Extension
23rd Jun 20213:47 pmRNSConclusion of Sanction Hearing
22nd Jun 20217:00 amRNS2020 Environmental, Social and Governance Report
17th Jun 20217:00 amRNSLancaster Field Development Plan Addendum Approval
16th Jun 20217:00 amRNSLancaster Field Update
16th Jun 20217:00 amRNSUpdate on Lincoln-14 well plug and abandonment
11th Jun 20214:08 pmRNSResults of Shareholder Plan Meeting
11th Jun 20211:40 pmRNSLancaster Field Update
11th Jun 202112:09 pmRNSResults of Bondholder Plan Meeting
10th Jun 20217:00 amRNSOperational Update
7th Jun 202112:38 pmRNSNotice of Extraordinary General Meeting
4th Jun 20212:00 pmRNSAvailability of Annual Report
4th Jun 20217:00 amRNSAoka Mizu Charter Update
3rd Jun 20214:40 pmRNSSecond Price Monitoring Extn
3rd Jun 20214:35 pmRNSPrice Monitoring Extension
2nd Jun 20214:59 pmRNSUpdate on Shareholder Restructuring Plan Meeting
1st Jun 20214:41 pmRNSSecond Price Monitoring Extn
1st Jun 20214:36 pmRNSPrice Monitoring Extension
27th May 20214:41 pmRNSSecond Price Monitoring Extn
27th May 20214:35 pmRNSPrice Monitoring Extension
26th May 202111:40 amRNSNotice of AGM
25th May 20217:00 amRNSFull-year Results 2020
24th May 202112:05 pmRNSShareholder Plan Meeting Notice
24th May 202110:21 amRNSUpdate on Proposed Financial Restructuring
20th May 20217:00 amRNSConfirmation of details of the Convening Hearing
19th May 20217:00 amRNSRequisition of General Meeting
19th May 20217:00 amRNSCrystal Amber requisitions GM of Hurricane Energy
14th May 20214:41 pmRNSSecond Price Monitoring Extn
14th May 20214:35 pmRNSPrice Monitoring Extension
13th May 20215:34 pmRNSUpdate on Proposed Financial Restructuring
11th May 20214:40 pmRNSSecond Price Monitoring Extn
11th May 20214:35 pmRNSPrice Monitoring Extension
10th May 20217:00 amRNSCorrection - Proposed Financial Restructuring
10th May 20217:00 amRNSOperational Update and Notice of Results
30th Apr 20218:28 amRNSProposed Financial Restructuring
27th Apr 20217:00 amRNSCPR on West of Shetland Assets
19th Apr 20217:00 amRNSOperational and Financial Update
16th Apr 20214:41 pmRNSSecond Price Monitoring Extn
16th Apr 20214:35 pmRNSPrice Monitoring Extension
15th Apr 20214:40 pmRNSSecond Price Monitoring Extn
15th Apr 20214:35 pmRNSPrice Monitoring Extension
13th Apr 20214:34 pmRNSHolding(s) in Company

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