Hurricane Energy PLC Completion of Horizontal Sidetrack Well Test (5603N)
27 October 2016 - 7:00AM
UK Regulatory
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)