Hurricane Energy PLC 'Warwick West' 204/30b-4 Well Update (8153T)

TIDMHUR

RNS Number : 8153T

Hurricane Energy PLC

19 November 2019

19 November 2019

Hurricane Energy plc

("Hurricane" or the "Company")

'Warwick West' 204/30b-4 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 204/30b-4 ("Warwick West") well.

The Company confirms that drill stem testing on the Warwick West well is expected to begin today. The Company will provide an update on initial results of the well, including flow rates and oil type, following completion of the testing phase.

Warwick West is the third and final well of the 2019 Greater Warwick Area drilling programme on Hurricane's Lincoln and Warwick assets. 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.

Contacts:

 
 Hurricane Energy plc 
  Dr Robert Trice, Chief Executive Officer      [phone] 
  Alistair Stobie, Chief Financial Officer       820 
 Stifel Nicolaus Europe Limited 
  Nominated Adviser & Joint Corporate Broker 
  Callum Stewart / Nicholas Rhodes / Ashton 
  Clanfield                                     [phone] 
 Morgan Stanley & Co. International plc 
  Joint Corporate Broker 
  Andrew Foster / Tom Perry / Alex Smart        [phone] 
 Vigo Communications 
  Public Relations 
  Patrick d'Ancona / Ben Simons 
  [e-mail]                       [phone] 
 

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%) 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. 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). Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.

Hurricane's other assets include Lincoln (50%), Warwick (50%), Halifax (100%), Whirlwind (100%), and Strathmore (100%). Together with Lancaster, these assets have total combined 2P reserves and 2C contingent resources of 2.6 billion barrels of oil equivalent (2.3 billion barrels of oil equivalent net to Hurricane).

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. The first phase of the programme includes the drilling and testing of three wells in 2019, which is being carried out using the Transocean Leader semi-submersible drilling rig.

Glossary

 
 2P reserves               Proved plus probable reserves under the Society 
                            of Petroleum Engineers' Petroleum Resources 
                            Management System 
 2C contingent resources   Best case contingent resources under the 
                            Society of Petroleum Engineers' Petroleum 
                            Resources Management System 
                          ================================================ 
 bopd                      Barrels of oil per day 
                          ================================================ 
 FPSO                      Floating production storage and offloading 
                            vessel 
                          ================================================ 
 Spirit Energy             Spirit Energy Limited 
                          ================================================ 
 

Inside Information

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

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.

Standard

Resource estimates contained in this announcement have been prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.

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 [e-mail] or visit www.rns.com.

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November 19, 2019 02:00 ET (07:00 GMT)