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17 Jun 2021 07:00
17 June 2021
Hurricane Energy plc
("Hurricane" or the "Company")
Lancaster Field Development Plan Addendum Approval
Hurricane Energy plc, the UK based oil and gas company, is pleased to announce the approval of the Lancaster Field Development Plan Addendum (the "FDPA") by the UK's Oil and Gas Authority (the "OGA").
The FDPA approval, together with associated production, flare, and vent consents, enables production with the flowing bottom hole pressure up to 300 psi below the bubble point pressure of the fluid (1,605 psia at 1,240 metres TVDSS), subject to the Company ensuring that no incremental liberated gas is produced to surface.
The initial consent is for a three-month period from 16 June 2021 to 15 September 2021. Production, flare, and vent consents will be issued on a three-monthly basis. The Company will regularly provide the OGA with data to demonstrate conformance with the consent conditions.
In line with the FDPA, the Company will ensure that no incremental liberated gas is produced to surface and commits to choking back or shutting in any well which may produce incremental gas liberated due to below bubble point production.
The approval of the Lancaster FDPA satisfies a key condition of the Company's proposed financial restructuring, as originally announced on 30 April 2021.
Antony Maris, CEO of Hurricane, commented:
"I would like to express my thanks to the OGA technical and management teams for the open-minded approach they brought to these discussions. This approval, whilst not having any immediate impact on the reservoir performance of the Lancaster field, will assist with longer term reservoir management, enabling us to optimise the field's performance. Approval now, while we still have some months before we reach bubble point, will allow both us and the OGA to establish base line performance and to test the three-month approval process."
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Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer Philip Corbett, Head of Investor Relations
| +44 (0)1483 862820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart
| +44 (0)20 7710 7600 |
Investec Bank plc Joint Corporate Broker Chris Sim / Rahul Sharma | +44 (0)20 7597 5970 |
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Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons hurricane@vigoconsulting.com
| +44 (0)20 7390 0230 |
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster field, the UK's first field to produce from a fractured basement reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
Glossary
bubble point | The pressure at which gas begins to come out of solution from oil within the reservoir |
psi | pounds per square inch unit of pressure |
psia | pounds per square inch (absolute) unit of pressure |
TVDSS | True Vertical Depth Sub Sea |
Inside Information
This announcement does not contain inside information.
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