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Hurricane Energy PLC (HUR)

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Monday 01 July, 2019

Hurricane Energy PLC

'Warwick Deep' 205/26b-13Z Well Update

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

Alistair Stobie, Chief Financial Officer

 

+44 (0)1483 862 820

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

[email protected]

+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

CO2

Carbon dioxide

EPS

Early production system

FPSO

Floating production storage and offloading vessel

H2S

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

 

This announcement contains inside information as stipulated 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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