Hurricane Energy PLC Lancaster EPS update (0923U)
July 27 2020 - 2:00AM
UK Regulatory
TIDMHUR
RNS Number : 0923U
Hurricane Energy PLC
27 July 2020
27 July 2020
Hurricane Energy plc
("Hurricane" or the "Company")
Lancaster EPS update
Hurricane Energy plc, the UK based oil and gas company focused
on hydrocarbon resources in naturally fractured basement
reservoirs, provides an update on the Lancaster Early Production
System ("EPS").
The Company is pleased to report that the commissioning of the
Electric Submersible Pumps ("ESPs") has been completed successfully
on both Lancaster EPS producing wells. Following the successful ESP
commissioning programme, the 205/21a-6 well has been returned to
natural flow, while the 205/21a-7z well will continue being
produced using an ESP.
Following the Company's most recent update on 8 July 2020, a
period of ESP testing has seen Lancaster EPS production increase
from c.15,000 bopd to c.17,000 bopd as oil and water production
from the 205/21a-7z well has stabilised .
Currently, individual well production rates are as follows:
205/21a-6 205/21a-7z
Oil production bopd c .12,000 c .5,000
---------------- ---------- -----------
Water cut(1) % total fluids c.12% c.53%
---------------- ---------- -----------
1. Expressed as total water produced divided by total fluid (oil and water) production
With the 205/21a-7z well currently flowing using the ESP there
has been no evidence of the performance issues which led to this
well being temporarily shut-in at the end of May 2020.
As part of the ongoing geological and technical review, the
Company continues to evaluate options to enhance production from
its West of Shetland asset base. Production guidance will remain
suspended at this time until the technical review is complete or
until production uncertainties have reduced. Further Lancaster EPS
production updates will be given when appropriate.
-ends-
Contacts:
Hurricane Energy plc
Beverley Smith, Interim Chief Executive Officer +44 (0)1483 862
Philip Corbett, Head of Investor Relations 820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart / 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% owned by Hurricane) 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.
Hydrocarbons were introduced to the FPSO system on 11 May 2019 and
the first oil milestone was achieved on 4 June 2019.
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.
Glossary
bopd Barrels of oil per day
FPSO Floating production storage and offloading
vessel
===========================================
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END
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July 27, 2020 02:00 ET (06:00 GMT)
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