Hurricane Energy (LON:HUR) is an oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs around The West of Shetland. The Company's focus is to discover, appraise and develop oil reserves in basement rock and has successfully found oil on the UKCS. The Company has circa 450 MMboe of 2C Contingent Resources and 440 MMboe P50 Prospective Resources on acreage it controls 100% under licences P1368, P1485, P1835 and P1884.The company had a successful IPO in feb 2014 where it listed on AIM with an issue price of 43p per share.
The company has 100% control of all operations,this includes the Lancaster & Whirlwind basement discoveries,the Strathmore sandstone discovery,and the two other basement prospects Lincoln & Typhoon.
Hurricane Energy was founded and is led by CEO Dr Robert Trice,who started the company to tap ‘fractured basement’ reservoirs found in rock which has been faulted and fractured as a result of earthquakes and other tectonic forces.The company’s board is chaired by John Hogan, former chief operating officer of Lasmo, with non-executive directors including former BP chief geologist David Jenkins.
The West of Shetland is a proven petroleum basin already benefiting from the Clair, Foinaven and Schiehallion producing oil fields and represents an area which contains an estimated 17% of the UK's remaining hydrocarbon reserves. It is an area of high exploration activity attracting several companies working across many licences.
Among the investors in Hurricane Energy are the oil giant BP.
Lancaster Discovery :
Lancaster was drilled in 2009 and subsequently sidetracked in 2010, with well testing flowing light (38° API) oil to surface from the fractured basement. The results of the drilling also indicated that significant upside potential could exist within Lancaster as oil shows were encountered at depth within the basement. The (CPR) undertaken by RPS in 2010 assigns 207 MMboe of 2C Contingent Resources to Lancaster and concludes that individual well flow rates up to 8000 bopd are achievable from the basement.
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Latest News on the Lancaster Discovery :
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9th June 2014
Hurricane is pleased to announce that it has completed the drilling phase of the ongoing operation to drill and test a horizontal appraisal well on its Lancaster discovery, West of Shetland. The well has been drilled to plan and a one kilometre horizontal section through the basement reservoir is now being prepared for testing.The successful execution of this drilling is a…
