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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hurricane Energy Plc | AQSE:HUR.GB | Aquis Stock Exchange | Ordinary Share | GB00B580MF54 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHUR
RNS Number : 5603N
Hurricane Energy PLC
27 October 2016
27 October 2016
This announcement contains inside information.
Hurricane Energy plc
("Hurricane" or the "Company")
Interim Update
Completion of Horizontal Sidetrack Well (205 21a-7Z) Test
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that testing operations on the 205 21a-7Z Well (the "Horizontal Sidetrack Well") have been completed and the Company is now proceeding to suspend the well as a future producer, providing a second production well ahead of the Early Production System (EPS) phase of development.
The productivity from the 1km Horizontal Sidetrack Well is consistent with that achieved in Hurricane's 205 21a-6 horizontal well, which was successfully drilled on Lancaster in 2014.
Testing of the Horizontal Sidetrack Well recorded a sustainable stable flow rate under natural conditions of 6,520 stock tank barrels of oil per day (STB/d) and a sustainable flow rate using an Electrical Submersible Pump (ESP) of at least 14,500 STB/d. The testing resulted in a productivity index (PI) of 147 STB/d per pound per square inch (psi).
Both the flow rate using an ESP, and the natural flow rate were constrained by the test equipment and no formation water was produced during the testing operations.
Following the removal of the wear bushing from the 205-21a-6 well, the Company anticipates announcing the spudding of the Lincoln Well.
Dr Robert Trice, Hurricane's CEO, commented: "We are very encouraged by these excellent test results which support the Company's plans for a Lancaster field development and demonstrate that we now have two highly productive horizontal wells which we will use in our EPS.
We will now be progressing a new Competent Person's Report (CPR) which will incorporate data gathered from this year's drilling campaign. The CPR publication date is targeted for 1H 2017 to coincide with approval of the Company's field development plan for the Lancaster EPS."
Contacts:
Dr Robert Trice (Chief Executive Officer)/ Hurricane Alistair Stobie (Chief +44 (0)1483 862 Energy plc Financial Officer) 820 Nominated Adviser and Joint Corporate Broker Cenkos Securities Derrick Lee/Nick Tulloch/Beth +44 (0)131 220 plc McKiernan 6939 Macquarie Joint Corporate Broker Capital (Europe) Alex Reynolds/ Guy de +44 (0)20 3037 Limited Freitas 2000 Vigo Communications Public Relations +44 (0)20 7830 Patrick d'Ancona/Ben 9704 Simons 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 27, 2016 02:00 ET (06:00 GMT)
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