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HUR Hurricane Energy Plc

7.79
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hurricane Energy Plc LSE:HUR London Ordinary Share GB00B580MF54 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.79 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hurricane Energy PLC 'Warwick Deep' 205/26b-13Z Well Update (9339D)

01/07/2019 7:00am

UK Regulatory


Hurricane Energy (LSE:HUR)
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TIDMHUR

RNS Number : 9339D

Hurricane Energy PLC

01 July 2019

1 July 2019

Hurricane Energy plc

("Hurricane" or the "Company")

'Warwick Deep' 205/26b-13Z 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-13Z ("Warwick Deep") well.

Following completion of drill stem testing of the Warwick Deep well, the decision has been made to plug and abandon the well.

The Warwick Deep well was drilled to a total depth of 1,964m TVDSS and included a 712m horizontal section of fractured basement reservoir. Initial analysis indicates that the well intersected a poorly connected section of the fracture network within the oil column. The well did not flow at commercial rates producing a mixture of drilling brine, water, oil and gas.

The Company and its contractors are currently evaluating the drill stem test data and fluid samples with the objective of providing an update on this preliminary analysis at Hurricane's Capital Markets Day, scheduled for 11 July 2019.

The rig will now undertake work to permanently plug and abandon the Warwick Deep well and will then move to the 205/26b-B 'Lincoln Crestal' well, the second well of a three-well programme on the Greater Warwick Area. Hurricane has a 50% interest in the Greater Warwick Area following Spirit Energy's farm-in to the P1368 South and P2294 licences in September 2018.

Dr Robert Trice, Chief Executive of Hurricane, commented:

"It is disappointing that the Warwick Deep well did not flow at commercial rates. We were initially encouraged by hydrocarbon shows and gas ratio analysis indicative of light oil, however drill stem testing has clearly demonstrated that Warwick Deep cannot be considered suitable as a future production well and therefore the well will be plugged and abandoned.

"I look forward to commencing operations on the second well in the three-well programme, Lincoln Crestal. This is now the preferred candidate to be tied back to the Aoka Mizu FPSO, where Lancaster EPS production operations remain in-line with guidance."

Contacts:

 
 Hurricane Energy plc 
  Dr Robert Trice, Chief Executive Officer      +44 (0)1483 862 
  Alistair Stobie, Chief Financial Officer       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 and includes the Lancaster field (100%), 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.

Warwick Deep is the first in a three-well programme on Hurricane's Lincoln and Warwick assets - the Greater Warwick Area. The well is being drilled with the Transocean Leader semi-submersible drilling rig and was spudded on 16 April 2019.

Hurricane has a 50% interest in the Greater Warwick Area following Spirit Energy's farm-in to the P1368 South and P2294 licences in September 2018. The 2019 wells are part of a five-phase work programme targeting sanction of full field development in 2021.

Glossary

 
 API             American Petroleum Institute gravity 
 bopd            Barrels of oil per day 
                =========================================== 
 CO(2)           Carbon dioxide 
                =========================================== 
 EPS             Early production system 
                =========================================== 
 FPSO            Floating production storage and offloading 
                  vessel 
                =========================================== 
 H(2) S          Hydrogen sulfide 
                =========================================== 
 Spirit Energy   Spirit Energy Limited 
                =========================================== 
 TVDSS           Total vertical distance subsea 
                =========================================== 
 

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.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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July 01, 2019 02:00 ET (06:00 GMT)

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