Hurricane Energy PLC Response to Media Speculation (8032S)
08 Noviembre 2019 - 4:51AM
UK Regulatory
TIDMHUR
RNS Number : 8032S
Hurricane Energy PLC
08 November 2019
8 November 2019
Hurricane Energy plc
("Hurricane" or the "Company")
Response to Media Speculation
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 notes the media speculation regarding the Warwick
West well. The well is due to commence testing soon. The timing of
testing is weather dependent. As such it is far too early to make
any conclusions as to the success of the Warwick West well.
An update will be provided once testing commences and on the
completion of well testing.
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.
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.
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.
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 rns@lseg.com or visit www.rns.com.
END
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