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Hurricane 2C contingent resources increase

By BFN News | 08:28 AM | Monday 11 December, 2017


Hurricane Energy has reported increases in resources following an updated competent person's report by RPS Energy Consultants. The updated CPR concerns all of the company's Rona Ridge assets excluding the Lancaster field (licence P.1368 Central), which was covered by a CPR released in May. Highlights: - Substantial resource increase - Hurricane total 2P Reserves + 2C contingent resources increased by ~231% to 2.6 billion barrels of oil equivalent - Halifax 2C contingent resources of 1,235 million barrels of oil equivalent - Lincoln 2C Contingent Resources of 604 million barrels of oil equivalent - The undrilled Warwick prospect is assigned Best Case (P50) Prospective Resources of 935 million stock tank barrels of oil, with a 77% chance of being a discovery Chief executive Dr Robert Trice said: We are pleased to now have independent validation of our geological model for the Rona Ridge basement play. 'The Lancaster EPS will go a long way, together with other appraisal work, to narrowing reservoir resource ranges on our assets on the Rona Ridge, following target first production in H1 2019. 'In addition to providing significant cash flow, the Company believes that a successful EPS will provide a read-across to the production potential of all our basement assets, materially de-risking Lancaster and the surrounding fields at Lincoln, Halifax, Warwick and Whirlwind.' At 8:28am: (LON:HUR) Hurricane Energy Plc Ord 0.1p share price was +3.13p at 30.13p Story provided by StockMarketWire.com

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