Hurricane Energy PLC 'Warwick Deep' 205/26b-13Z Well Update (9339D)
July 01 2019 - 2:00AM
UK Regulatory
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
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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.
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END
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