27 May 2020 07:00
27 May 2020
Hurricane Energy plc
("Hurricane" or the "Company")
Operational Update:
Greater Warwick Area
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 planned activities on the Lincoln subarea of Licence P1368, part of the Greater Warwick Area ("GWA").
In light of the COVID-19 pandemic, Hurricane has requested extensions to certain licence commitments pertaining to Lincoln. The Oil and Gas Authority has responded positively to these requests, extending the deadline for commencement of the GWA joint venture's commitment well on Lincoln to 30 June 2022 and extending the deadline for plugging and abandoning well 205/26b-14 (Lincoln Crestal) to 30 June 2021.
Dr Robert Trice, Chief Executive of Hurricane, commented:
"We would like to thank the Oil and Gas Authority for their flexibility regarding the timing of activities planned at Lincoln during these challenging times."
Contacts:
Hurricane Energy plc Dr Robert Trice, Chief Executive Officer
| +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
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.