9th Nov 2015 09:29
LONDON (Alliance News) - Hurricane Energy Monday said authorities in the UK have approved its request to divide one of its offshore licences into four sub-areas which will make it easier for the company to source partners.
The Oil and Gas Authority, the regulator for UK oil and gas production, has allowed the company to divide licence P1368 west of the Shetland Islands into four sub-areas which will all hold an individual prospect each.
The first sub-area, P1368 Central, will host the Lancaster basement discovery with the second area, P1368 North containing the Whirlwind basement discovery. P1368 South will host the Lincoln basement discovery and P1368 South-West will hold the Strathmore basement discovery.
Chief Executive Robert Trice said the sub-division was an "important step" as it will provide greater flexibility and make it easier for the company to source farm-in partners for each prospect.
In addition, the Oil and Gas Authority has granted a two-year extension on the requirement for the company to drill an exploration well on the Lincoln basement discovery until December 31, 2019, from its original date of December 31, 2017.
Hurricane shares were up 3.2% to 14.70 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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