Hurricane Energy plc (AIM: HUR), the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has substantially completed post-well data analysis following the successful testing of the 1km horizontal appraisal well 205/21a-6 in Q2 2014 at the Company’s Lancaster oil discovery West of Shetland. The well was optimally located to benefit from a highly connected fault/fracture network and an underlying 300m oil column (Hurricane’s - 2C estimate of field ODT). The results from third party analysis combine to demonstrate a very good quality reservoir which could deliver single well rates of 20,000 STB/d - significantly ahead of initial expectations of well productivity.
Dr Robert Trice, Chief Executive, commented:
“I am delighted to report that our work on the well data gathered during the recent testing of Lancaster confirms our pre-drill geological model of the fractured basement, as well as significantly advancing our understanding of how the fracture network behaves. Importantly, the key metrics related to oil productivity are even better than expected providing us with further encouragement regarding the productive potential of Lancaster and our other basement assets.
“Such a level of productivity means that an early phase of field development and commercial production could be initiated with the addition of only one more horizontal well. As previously reported, we have a data room open for potential farm-inees, however the benefit of having two suspended proven producers and holding 100 per cent. of our acreage means that we have a broad range of options to progress the Lancaster Field development and our other assets.”