Hurricane Energy PLC Award of P2308 licence (6012P)
19 November 2016 - 12:29AM
UK Regulatory
TIDMHUR
RNS Number : 6012P
Hurricane Energy PLC
18 November 2016
This announcement contains inside information
For immediate release: 18 November 2016
Hurricane Energy plc
("Hurricane" or the "Company")
Award of P2308 licence
Hurricane Energy, the UK-based oil and gas company focused on
hydrocarbon resources in naturally fractured basement reservoirs,
is pleased to announce that it has been awarded the P2308 licence
("Halifax") by the Oil and Gas Authority in an out of round
application. The licence is contiguous to, and extends north east
from, Hurricane's existing Lancaster licence.
The recently drilled Lancaster Pilot well (205/21a-7)
encountered a minimum oil down to (ODT) of 1,620m TVDSS, indicating
that the Lancaster oil accumulation is likely to extend beyond the
Lancaster licence boundary. The Company believes that if mobile oil
can be demonstrated outside of local structural closure at Halifax,
then the Lancaster Field could extend further north east along the
Rona Ridge.
A previous well (205/23-2) drilled on the Halifax structure
encountered oil and gas shows in sandstones immediately above the
basement. In addition, Hurricane's analysis of basement cuttings
from the 205/23-2 well indicates the presence of oil thus
mitigating the oil charge risk to Halifax. Seismic interpretation
indicates the presence of a well-defined fault network within the
fractured basement of the Halifax Prospect, analogous to that seen
in Lancaster.
Recognising this, Hurricane has identified a well location on
Halifax (the "Halifax Well") and acquired a site survey over the
prospective well location in preparation for the drilling of an
exploration well. On the basis that permits can be obtained in
time, Hurricane intends to drill the Halifax Well immediately
following the Lincoln Well. Hurricane has extended the date of its
second well option with Transocean until 25 November.
A map showing the new licence area and a 3D depth surface of the
Halifax prospect indicating its relationship to Lancaster, can be
found on the Company's website at www.hurricaneenergy.com.
Halifax, in common with Hurricane's other licences, is 100%
owned and is an Innovate Licence. The work programme is broadly
limited to the drilling of a well which would be satisfied by the
drilling of the Halifax prospect.
Dr Robert Trice, Chief Executive of Hurricane, said:
"The Halifax prospect is an extremely exciting opportunity for
the Company and a logical target after this year's drilling success
at Lancaster. Our exploration objective is to demonstrate that
Halifax is analogous to Lancaster in that the reservoir is highly
fractured and that a significant hydrocarbon column is present
outside of structural closure. If we are successful in this aim,
then we believe it will be a significant step in establishing the
true extent of the Greater Lancaster Area. This would not only be
tremendous news for the Company but also for the UK's oil and gas
Industry."
Contact Details:
Hurricane Energy plc
Dr Robert Trice, Chief Executive
Officer
Alistair Stobie, Chief Financial +44 (0)1483 862
Officer 820
Cenkos Securities plc
Nominated Adviser and Joint
Broker
Derrick Lee/Nick Tulloch/Beth +44 (0)131 220
McKiernan 6939
Macquarie Capital (Europe)
Limited
Joint Broker +44 (0)20 3037
Alex Reynolds / Guy de Freitas 2000
Vigo Communications +44 (0)20 7830
Patrick d'Ancona/Ben Simons 9700
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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