9 Sep 2019 07:00
9 September 2019
Hurricane Energy plc
("Hurricane" or the "Company")
'Lincoln Crestal' 205/26b-14 Well Update
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update in relation to the 205/26b-14 well ("Lincoln Crestal").
The Company notes speculation regarding the flare on the Transocean Leader drilling rig. The Company confirms that a drill stem test on the Lincoln Crestal well has produced oil to surface, resulting in a flare. At 13:10 on Sunday 8 September 2019, the well was shut-in to enable a planned pressure build-up test.
The Company will update the market on initial results of the well, including flow rates and oil type, following completion of the ongoing testing phase.
Contacts:
Hurricane Energy plc Dr Robert Trice, Chief Executive Officer Alistair Stobie, Chief Financial Officer
| +44 (0)1483 862 820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart / Nicholas Rhodes / 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%) 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. This development is initially expected to produce an average of 17,000 bopd (gross production of 20,000 bopd with assumed operating efficiency of 85%, following a period of ramp-up). First oil was achieved on 4 June 2019.
Hurricane's other assets include Lincoln (50%), Warwick (50%), Halifax (100%), Whirlwind (100%), and Strathmore (100%). Together with Lancaster, these assets have total combined 2P reserves and 2C contingent resources of 2.6 billion barrels of oil equivalent (2.3 billion barrels of oil equivalent net to Hurricane).
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a five-phase work programme targeting sanction of full field development in 2021. The first phase of the programme includes the drilling and testing of three wells in 2019, which is being carried out using the Transocean Leader semi-submersible drilling rig. Lincoln Crestal is the second well and was spudded on 12 July 2019.
Glossary
2P Reserves | Proved plus probable reserves under the Society of Petroleum Engineers' Petroleum Resources Management System |
2C Contingent resources | Best case contingent resources under the Society of Petroleum Engineers' Petroleum Resources Management System |
bopd | Barrels of oil per day |
FPSO | Floating production storage and offloading vessel |
Spirit Energy | Spirit Energy Limited |
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.
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.
Standard
Resource estimates contained in this announcement have been prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.