Hurricane Energy PLC Operational Update (9370P)

TIDMHUR

RNS Number : 9370P

Hurricane Energy PLC

01 June 2018

1 June 2018

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update:

Commencement of Well Completion Operations

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to provide an operational update in relation to the Early Production System development of the Lancaster Field ("Lancaster EPS").

Well re-entry and completion operations for the Lancaster EPS have now commenced under the control of Petrofac Facilities Management Limited ("Petrofac"), who are the Well Operator. The operations will utilise Transocean's Paul B. Loyd Jr. harsh environment semisubmersible rig. Following the rig's previous assignment and mobilisation to the Lancaster field, it underwent a required period of Blowout Preventer maintenance prior to commencement of well completion operations.

The Lancaster EPS will use two currently suspended horizontal wells; 205/21a-6 and 205/21a-7Z, which were previously drilled and tested in 2014 and 2016 respectively. The 205/21a-6 well tested at 9,800 stb/d and the 205/21a-7Z well tested at 15,375 stb/d. These rates were achieved using electrical submersible pumps ("ESPs") and were constrained by the capacity of surface test equipment. During these operations, the wells will be completed with dual pod ESPs.

Dr Robert Trice, Chief Executive, commented:

"It's pleasing to see further progress being made on another element of the Lancaster EPS. We look forward to continuing to build on our strong relationship with Petrofac and Transocean, with whom we completed our highly successful 2016-2017 drilling campaign."

Contacts:

 
                        Dr Robert Trice (Chief Executive 
 Hurricane               Officer) / Alistair Stobie 
  Energy plc             (Chief Financial Officer)          [phone] 
                        Nominated Adviser and Corporate 
                         Broker 
 Stifel Nicolaus         Callum Stewart / Nicholas 
  Europe Limited         Rhodes / Ashton Clanfield          [phone] 
 Vigo Communications    Public Relations                    [phone] 
                         Patrick d'Ancona / Ben Simons       [e-mail] 
 

About Hurricane

Hurricane was established to discover, appraise and develop hydrocarbon resources associated with naturally fractured basement reservoirs.

Hurricane's acreage is concentrated on the Rona Ridge, West of Shetland. The Lancaster field, the Company's most appraised asset, has combined 2P Reserves and 2C Contingent Resources of 523 million stock tank barrels of oil. The Company is currently proceeding towards the first phase of development of Lancaster, an Early Production System, with first oil targeted for 1H 2019.

During the 2016-2017 drilling campaign, the Company made two significant discoveries* at Halifax and Lincoln. Together, these discoveries* have 2C Contingent Resources of 1,839 million barrels of oil equivalent.

Hurricane's other assets include Warwick, which has best case Prospective Resources of 935 million stock tank barrels of oil, Whirlwind, which has 2C Contingent Resources of 205 million barrels of oil equivalent (under the Whirlwind oil case) and Strathmore, which has 2C Contingent Resources of 32 million stock tank barrels of oil. Together, this brings Hurricane's total combined 2P Reserves and 2C Contingent Resources to 2.6 billion barrels of oil equivalent.

*Discovery - This classification is consistent with SPE/AAPG/WPC and SPEE guidelines for Petroleum Resource Management - Determination of Discovery Status

Inside Information

The content of this announcement does not comprise price sensitive information.

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June 01, 2018 02:00 ET (06:00 GMT)