Hurricane Energy Plc (HUR.L) Announced that in light of the COVID-19 pandemic, Hurricane has requested extensions to certain licence commitments pertaining to Lincoln. The Oil and Gas Authority has responded positively to these requests, extending the deadline for commencement of the GWA joint venture's commitment well on Lincoln to 30 June 2022 and extending the deadline for plugging and abandoning well 205/26b-14 (Lincoln Crestal) to 30 June 2021. #HUR
Hurricane Energy #HUR Hurricane has announced that in the light of the COVID-19 pandemic it has requested extension to certain licence commitments pertaining to the Lincoln area. The Oil and Gas Authority has responded positively to these requests, extending the deadline for commencement of the GWA joint venture’s commitment well on Lincoln to 30 June 2022 and extending the deadline for plugging and abandoning well 205/26b-14 (Lincoln Crestal) to 30 June 2021.
Hurricane Energy 6.8p £135.4m (HUR.L) The UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an update in relation to planned activities on the Lincoln subarea of Licence P1368, part of the Greater Warwick Area ("GWA"). In light of the COVID-19 pandemic, Hurricane has requested extensions to certain licence commitments pertaining to Lincoln. The Oil and Gas Authority has responded positively to these requests, extending the deadline for commencement of the GWA joint venture's commitment well on Lincoln to 30 June 2022 and extending the deadline for plugging and abandoning well 205/26b-14 (Lincoln Crestal) to 30 June 2021. #HUR
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 planned activities on the Lincoln subarea of Licence P1368, part of the Greater Warwick Area.. In light of the COVID-19 pandemic, Hurricane has requested extensions to certain licence...
Hurricane Energy Plc (HUR.L) Announced an operational update in relation to the forward production and testing programme at the Lancaster Early Production System (Lancaster EPS). The company has been carrying out ongoing testing of the two Lancaster EPS wells in order to determine the sustainability of combined production rates up to gross 20,000 bopd. Achieving this target rate at a sustainable level has not been possible as the impact of increasing production rates resulted in instability in the flow regime on the 205/21a-7Z well as a result of interference between the wells. This has led to a decision to shut-in the 205/21a-7Z well for the time being and return to a period of testing maximum sustainable rates from just the 205/21a-6 well. The water production from the 205/21a-7Z well at the time the instability was experienced was in line with the water production that had been seen over the previous weeks. The Lancaster EPS is currently producing from the 205/21a-6 well at a rate of approximately 10,300 bopd. The company plans to increase this rate incrementally, to determine its maximum sustainable level. This process will result in a period of production substantially below forward guidance of net 18,000 bopd and is therefore suspending previous full year guidance of net 17,000 bopd. #HUR
RNS Number: 7394 N Hurricane Energy PLC 22 May 2020 22 May 2020. Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an operational update in relation to the forward production and testing programme at the Lancaster Early Production System.. As previously announced, and as...
Hurricane Energy #HUR - In April 2020, Hurricane Energy provided an update on Lancaster early production system (EPS) data gathered since first oil. The company announced that productivity from the two producing wells is over 10.0kbod per well. Aggregate water has been higher than initial expectations; however, this has been identified as being perched water and is expected to stabilise with time. Management expects that a longer period of data gathering will be required before the next stages of development. Given the need for additional data and the current commodity price environment, Hurricane is reviewing its capital allocation for 2020–21. Although the capital markets day did not confirm the next steps required to be able to confirm the upside case for the company's asset base, Hurricane’s balance sheet is strong and the EPS keeps on delivering. Our mid-case risked valuation has slightly decreased to 70.4p/share from 73.0p/share ( 4%) as we adjust our short-term oil price assumptions and our core NAV stands at 21.9p/share, a premium of 99% to the current share price.
RNS Number: 5202 M Hurricane Energy PLC 11 May 2020 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has been notified of transactions by Hurricane directors and Persons Discharging Managerial Responsibility in ordinary shares of £0.001 each in the Company.. The Company's acreage is concentrated on the Rona Ridge, in the...
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has been notified of transactions by Hurricane directors and Persons Discharging Managerial Responsibility in ordinary shares of £0.001 each in the Company.. The Company's acreage is concentrated on the Rona Ridge, in the...
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces the award of shares to Hurricane's executive directors in relation to their 2019 bonus awards.. The Company's acreage is concentrated on the Rona Ridge, in the West of Shetland region of the UK Continental Shelf..
Hurricane Energy #HUR - Hurricane have provided a detailed operational update today ahead of the Capital Markets Event held this morning. The data gathering has been declared ‘a resounding success’ with both wells capable of producing at least 10,000/- b/d and a combined rate of up to a maximum of 20,000/- excluding downtime, is currently being tested. The water content is higher than expected but still considered to be perched and attributed to a 10m zone in the 7Z well. Production averaged 14,900 b/d in the 1st quarter, noting that this included a month of production from just the 6 well, with 18,500 b/d in April 2020 and updated production guidance for the year is 18,000 b/d for the balance of the year averaging 17,000 b/d. Also the Aoka Mizu FPSO has delivered excellent availability of 96% since start-up. At GWA the JV is seeking a field determination area, with the Lincoln Crestal well suspension consent deferred until 30th September 2020 for COVID-19 reasons the field development solution is still either via a single well tie to the Aoka Mizu of either the existing Lincoln Crestal well or an alternative horizontal shallower producer. The Lancaster EPS has delivered approximately five months of steady production data due to commissioning activities, various shutdowns and testing which has shown reservoir behaviour to be more complex than anticipated and needs a more extended period of steady production to confirm validity of the Hurricane volumetric model. The next steps for Lancaster include continuing testing of the two existing wells, a volumetric review including a CPR to be produced in early 2021 with data as at end 2020, a call on the Lancaster commitment well and then proceeding to extend the Aoka Mizu FPSO contract. Options to drill and tie-back a prospective ‘L8’ well to not only increase production but also provide data to help de-risk the Company’s volumetric model and re-entering the 205/21a-7Z well are being reviewed in the light of the current oil price. With the two wells, material balance estimates and recent pressure decline trends are consistent with the two wells being currently connected to a with a minimum in-place volume of around half a billion barrels. Bottom hole pressure response suggests that the wells are obtaining more pressure support with increased production, progressively ‘seeing’ more of the reservoir. This was a very detailed event with much more data I can talk about later but this fact along with operating costs of $17 pb and a cash balance of $152m means that Hurricane is in very robust shape with a good deal of potential upside.
Hurricane Energy Plc #HUR announced, in its operational update, that the Lancaster Early Production System (Lancaster EPS) started production through the Aoka Mizu FPSO in May 2019. Due to commissioning activities, unplanned shutdowns and subsurface testing, approximately 5 months of steady production data has been obtained so far, and reservoir behaviour has been more complex than anticipated. Meanwhile, the three well 2019 drilling campaign completed in joint venture with Spirit Energy Limited materially increased its understanding of this part of the Rona Ridge. While the 205/26b-14 (Lincoln Crestal) well produced oil at 9,800 bopd using an electric submersible pump (ESP), the other two wells had significantly poorer outcomes. The company separately stated that Q1 production averaged 14,900 bopd due to ongoing individual well testing and gradual ramp-up to the 20,000 bopd target rate (excluding downtime). Forward guidance of 18,000 bopd therefore equates to an average expected net production rate for 2020 of approximately 17,000 bopd.
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an operational update ahead of its Capital Markets Day presentation via webcast at 10:00 a.m. today. We recognise the challenges in the market environment currently but are pleased to report on our continued good...
RNS Number: 8850 K Hurricane Energy PLC 27 April 2020 27 April 2020. Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the notice of the Company's 2020 Annual General Meeting and the associated form of proxy have been published today in the Investors section of the...
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that electronic copies of its Annual Report and Group Financial Statements for the year ended 31 December 2019 have been published today in the Investors section of the Company's website at...
Hurricane Energy #HUR - In its Q1 2020 update Hurricane announce production of 1.4m bbls (Q4 2019 1.1m) @ 14,900 b/d (11,800) with water cut up to 17% from 14%. This is as a result of an increase in production in March from both the 205/21a-6 well which produced at 12,000 b/d and the 205/21a-7Z well which produced 8,000 b/d. With 6,000 b/d of water, predominately from the Z well, making overall W/C of approximately 17% this is well within the capacity of the Aoka Mizu. These production rates are without the use of ESP’s and with wells choked back to less than 50% ‘confirming the extraordinary productivity of these wells and the reservoir’. Three cargoes were lifted from the Aoka Mizu in the quarter and on April 3rd the 11th successful lifting took place taking total oil sales from the Lancaster EPS to 4.4m barrels of oil. Dr Robert Trice adds to the statement ‘Despite the significant scale of these produced oil volumes, the Lancaster EPS is still very much in a data gathering phase, as we continue to better our understanding of this unique basement reservoir. Further testing at the current rates will be required before any trends can be confirmed and conclusions made about the long-term behaviour of the reservoir. Once trends have been established, it is anticipated that alternative combinations of well rates may be tested in order to establish the optimum long-term production configuration for the two wells’. And he goes on to talk about water cut “Whilst water production rates have materially increased since start-up of the Lancaster EPS, Hurricane’s interpretation of water behaviour data has continued to support the Company’s perched water model. Although it is not possible to predict future changes in water cut at present, the combination of high productivity wells, potential for currently unused production support from ESPs, and water handling capacity of the Aoka Mizu FPSO give the Company sufficient confidence to maintain its forward guidance at 18,000 bopd, net of 10% assumed downtime.” Until the Capital Markets Day Webcast on 27th April where we will get much more flesh on the bones of all this I would say that Hurricane is in very good nick and look forward to reporting back from that.
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Company Profile

Hurricane Energy was founded in 2005 by Dr Robert Trice with the help and encouragement of a private investor, in the belief that fractured basement reservoirs represent a significant untapped resource. Beginning with just a few highly expert staff, Hurricane gradually established a team of specialists with the skills, experience and determination to locate and develop this resource potential. Through successful participation in a series of UK licensing rounds Hurricane has built a portfolio of licences on the Rona Ridge, a major NE-SW trending basement feature on the UK Continental Shelf, to the west of the Shetland Islands. An extensive work programme has led to a number of significant discoveries (as defined under the SPE PRMS) in the Company's acreage, including Lancaster, Lincoln, Halifax and Whirlwind. In just a short time Hurricane has achieved a great deal. During 2009 and 2010, the average size of oil discovery within the UK Continental Shelf was 20-23 million barrels. In the same period, Hurricane discovered around 200 million barrels, twice. These figures were independently verified by RPS Energy in a Competent Person's Report in 2013. Subsequent appraisal of Lancaster has doubled the contingent resources attributed to the field and led to the assignment of reserves associated with the first phase of development, an Early Production System (EPS). Further drilling on Lincoln and Halifax led to a further significant Resource upgrade with a new RPS Energy CPR in December 2017, bringing total 2P and 2C Contingent Resources to 2.6 billion barrels of oil equivalent. Since inception, Hurricane has identified basement prospects, discovered oil and is now moving forward to validate its model for basement exploration through extended production.

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