Source - LSE Regulatory
RNS Number : 0001Y
Hurricane Energy PLC
10 May 2021
 

10 May 2021

 

Hurricane Energy plc

 

("Hurricane" or the "Company")

 

Operational Update and Notice of Results

 

Operational Update

 

Hurricane Energy plc, the UK based oil and gas company, provides an update on Lancaster field operations, pursuant to the Company's reporting framework outlined in the Proposed Financial Restructuring announcement as initially published by the Company on 30 April 2021.

 

The following table details production volumes, water cut and minimum flowing bottom hole pressure for the 205/21a-6 ("P6") well during April 2021. During the month, and as part of the Company's periodic well testing programme for reservoir management purposes, the Lancaster field was producing from both the P6 and 205/21a-7z ("P7z") wells in various different configurations and at various production rates, including periods of well shut-ins for pressure build-up tests. As a result, monthly oil and water production is also included for the P7z well.

 

April 2021 Lancaster Field Data

 


P6

P7z(1)

Oil produced during the month (kbbls)

303

19

Average oil rate (bopd)

10,100

n.m.

Water produced during the month (kbbls)

116

83

Average water cut(2)

28%

n.m.

Well gauge pressure (psia)(3)

1,657

n.m.

1.       P7z on production for nine days in the period for the purpose of well testing. Average oil, water cut and pressure data are not meaningful (n.m.) due to short production duration

2.       Expressed as total water produced divided by total fluid (oil and water) production

3.       Pressure reported is the monthly minimum from well downhole gauge

 

The average Lancaster oil production rate for April 2021 was lower than prior months, when the P6 well was producing on a standalone basis in line with the Company's near-term production strategy. Lancaster is currently producing 11,600 bopd from the P6 well alone with an associated water cut of 29%.

 

Notice of Results

 

Hurricane's full-year results for 2020 will be announced on 25 May 2021.

 

-ends-

 

Contacts: 

 

Hurricane Energy plc

Antony Maris, Chief Executive Officer

Philip Corbett, Head of Investor Relations

 

 

+44 (0)1483 862820

Stifel Nicolaus Europe Limited

Nominated Adviser & Joint Corporate Broker

Callum Stewart / Ashton Clanfield

 

 

+44 (0)20 7710 7600

Investec Bank plc

Joint Corporate Broker

Chris Sim / Rahul Sharma

+44 (0)20 7597 5970



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.

 

Visit Hurricane's website at www.hurricaneenergy.com

Glossary

bopd

Barrels of oil per day

FPSO

Floating production storage and offloading vessel

kbbls

Thousand barrels

psia

pounds per square inch absolute

 

Inside Information

 

This announcement does not contain inside information.

 

 

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