Halifax 205/23-A - Well Spud

RNS Number : 1903U

Hurricane Energy PLC

16 January 2017

 

16 January 2017

This announcement contains inside information

Hurricane Energy plc

("Hurricane" or the "Company")

Halifax 205/23-A - Well Spud

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the spudding of well 205/23-A (the "Halifax Well") on 15 January 2017.

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 recently awarded P2308 licence ("Halifax") is contiguous to, and extends north east from, Hurricane's existing Lancaster licence. The Company believes that if mobile oil can be demonstrated outside of local structural closure by the Halifax Well, 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.

The Company plans to drill the Halifax Well below local structural closure and will then perform an open hole drill stem test ("DST"). In the event of a successful DST, it is envisaged that the well will be deepened to investigate the oil water contact.

Dr Robert Trice, Chief Executive of Hurricane, said:

"This has already been a hugely successful drilling campaign for Hurricane and the Halifax Well marks an exciting opportunity with which to close it. The prospect is also a logical conclusion to the drilling programme as, following the success of the Lancaster Pilot Well, we believe that the oil column extends beyond the Lancaster block boundary and potentially up to the Halifax Prospect.

We look forward to updating the market with initial well results towards the end of Q1 2017."

Contact details:

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

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. 

 

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