Completion of Horizontal Sidetrack Well Test

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: 

Hurricane Energy plc	Dr Robert Trice (Chief Executive Officer)/ Alistair Stobie (Chief Financial Officer)	[phone]
Cenkos Securities plc	Nominated Adviser and Joint Corporate Broker Derrick Lee/Nick Tulloch/Beth McKiernan	[phone]
Macquarie Capital (Europe) Limited	Joint Corporate Broker Alex Reynolds/ Guy de Freitas	[phone]
Vigo Communications	Public Relations Patrick d'Ancona/Ben Simons	[phone] [e-mail]

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. 

 

END

 

 

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