Hurricane Energy plc, the UK based oil and gas company, announces that a summary of a Competent Person's Report ('CPR') on the Company's West of Shetland assets by ERC Equipoise Ltd ('ERCE') has been published on the Company's website at: https://www.hurricaneenergy.com/assets/reserves-and-resources
The full CPR will be published on the Company's website in due course, once finalised. ERCE's work has been prepared in accordance with the June 2018 Petroleum Resources Management System ('PRMS') as the standard for classification and reporting with an effective date of 31 December 2020.
Antony Maris, Chief Executive Officer of Hurricane, commented: 'The summary of the CPR published today is broadly consistent with the estimates for Lancaster and Lincoln which we presented in September 2020. We are continuing to work on a financial plan and are engaging with our key stakeholders to allow us to take the business forward and provide us with the best chance of targeting these reserves and resources.'
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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.
The Lancaster field (100% owned by Hurricane) is 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. Hydrocarbons were introduced to the FPSO system on 11 May 2019 and the first oil milestone was achieved on 4 June 2019.
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln and Warwick assets, committing to a phased work programme targeting sanction of an initial stage of full field development.
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