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HUR.GB Hurricane Energy Plc

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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 -
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Hurricane Energy PLC Completion of Horizontal Sidetrack Well Test (5603N)

27/10/2016 7:00am

UK Regulatory


Hurricane Energy (AQSE:HUR.GB)
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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

MSCLLFVRIILRFIR

(END) Dow Jones Newswires

October 27, 2016 02:00 ET (06:00 GMT)

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