29th Jul 2015 08:53
LONDON (Alliance News) - Hurricane Energy PLC on Wednesday became the second London-listed company to confirm it has been awarded licenses under the UK's 28th Offshore Licensing Round, which link up to its existing discoveries in the area.
Hurricane said it has been awarded blocks 204/30b and 205/26b offshore the Shetland Islands.
The new blocks host a new basement prospect - provisionally named the Warwick prospect - which is considered to be analogous to the company's Lancaster basement discovery. Block 204/30b also links to the prospect discovered at he company's Lincoln prospect.
"While our immediate focus is on achieving an early production system on our Lancaster discovery, Hurricane's longer term strategy remains the delivery of the UK's basement play. I am therefore delighted that Hurricane has been offered these two new blocks," said Chief Executive Robert Trice.
"Our work commitment on these licences is a 'drill or drop' on either of the identified prospects which, following the implementation of a successful Lancaster early production system, provides Hurricane with the potential for further high value, relatively low-risk, near-field exploration," he added.
Hurricane is the second company to announce it has been awarded blocks under the licensing round, following from Europa Oil and Gas (Holdings) PLC being awarded block 41/24 in the southern North Sea.
Hurricane Energy shares were up 0.4% to 14.30 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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